1) The document discusses trends in Taiwan's income distribution from 1964 to 2014, dividing it into two stages: rapid economic growth from 1964 to 1989, and deteriorated income distribution from 1990 to 2014. 2) Several macroeconomic trends led to deteriorated income distribution after 1990, including capital accumulating more quickly than wages, globalization impacts, and U.S. quantitative easing policies. 3) Tax policy changes also contributed, like abolishing capital gains taxes on stock exchanges in 1990 and reducing estate and gift tax rates substantially.

1. 何志欽
2015 年 4 月 14 日
《台灣所得分配變化之分水嶺》
Reflection and Expectation Based on
Taiwanese Experiences 1964-2014

2. 2
Baby Boomer
嬰兒潮
Stage I
Rapid
Economic
Growth
經濟發展快速
Stage II
Deteriorated
Income
Distribution
所得分配惡化
1964 – 2014
1964 –1989
(25 years)
1990 – 2014
(25 years)
1946-1964

3. The First Quarter Century from 1964 to 1989
33

4. 44
The Second Quarter Century from 1990 to 2014

5. 5
Income Distribution Trend 1998-2011
（資料取自 : 朱敬一：「台灣所得分配惡化，隱藏不了」）
最高 top 5% 與最低 bottom 5% 的倍數

6. 6
Wage Growth Trend 1991-2013
（資料取自 : 行政院主計總處 薪資及生產力統計）
Change in Nominal Average Wage
Change in Real Average Wage

7. 77
 Capital and wealth accumulation grew more
rapidly than output and wages ( r > g )
( 資本與財富累積超越產出與工資成長 )
 The impact of globalization （全球化衝擊）
 The impact of QE policy in U.S.
（美國量化 鬆政策影響）寬
Macroeconomic Trends leading to Deteriorated
Income Distribution after 1990

8. 88
Capital Gains Taxation （資本利得稅）
• Government abolished capital gains taxes on
Security Exchanges in 1990
（證券交易所得稅）
• Government has not yet established capital gains
taxes on Real Estate Transactions
（不動產交易所得稅）
Estate and Gift Taxation （遺產贈與稅）
• Government reduced Estate and Gift tax top rate
substantially, from 50% to 10% in 2010
Tax Policies leading to Deteriorated
Income Distribution after 1990

9. 9
（ Economic Growth ）
Revenue
（ Fiscal
Sustainability ）
Strategic Equilibrium
Dynamic Reconciliation
Equity Efficiency
Strategic Equilibrium and Dynamic Reconciliation
among Revenue, Efficiency and Equity
（ Social Justice ）

10. 10
（高財富群）
High Wealth
Individuals
（高所得群）
High Income
Individuals
（財富移轉 ）稅
Wealth Transfer
Tax
Top Rate is 20%
（最低 負制）稅
Alternative Minimum
Tax
Top Rate is 20%
10
Generation Correspondence between
High Income Group and High Wealth Group
世代對應

11. 11
Thank You
for
Your Attention !