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The Impact of Real Estate Capital Tax on Macro Economic and Sectoral Economic

Author: GaoLingLing
Tutor: LiangYunFang
School: Dongbei University of Finance
Course: Quantitative Economics
Keywords: real estate capital tax computable general equilibrium model theprice of the house macroeconomic
CLC: F293.3
Type: Master's thesis
Year: 2012
Downloads: 61
Quote: 0
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Abstract


Since the1980s, Chinese premises market implementation of industrial restructuring, the real estate industry has gained rapid development, and it has had an irreplaceable position in the national economy. The development of the real estate industry directly or indirectly affects the development of other industries, and thus significantly affects the national economy. The real estate tax is an important lever of government regulation of the real estate market. By affecting the costs and benefits of the real estate development, the real estate transaction and the real estate transaction keeping, real estate tax affects the supply and demand in the real estate market, and ultimately it affects the price of the real estate market. Through studying the impact of real estate capital tax on real estate and other industries, as well as the impact on various macroeconomic variables, it is not only conducive to the development of the real estate industry, but also conducive to promoting the healthy and stable development of the national economy.Based on detailed analysis of the real estate tax system of our country and other countries of the world, the paper will study the impact of the real estate taxes on the real estate market and the impact on macroeconomic and sectoral economy. First, this paper will describe the mechanism of the impact of the real estate taxes on the real estate market, and will summarize the reference of the real estate tax system of other countries to China’s real estate tax system. Second, the paper will build the2007Social Accounting Matrix on real estate taxes based on2007input-output table, and then build a CGE model of Chinese real estate capital tax, and on this basis, using2007as the base period, the paper will use the constructed CGE model to simulate the impact of the real estate capital tax on the real estate market, and the impact on industry output, employment, GDP, consumer price index, as well as residents of the balance of payments, thus the paper will analyze the impact of the real estate capital tax on macroeconomic and sectoral economic impact. Conclusions are as follows:Increasing the real estate capital tax rate will increase the real estate price and the output of the real estate. Real estate development will effectively promote the industries that have high value added rate and high correlation coefficients with the real estate, such as raw materials industry, equipment manufacturing, financial industry, the insurance industry, producer services and consumer services; directly to the relevant industries real estate development will effectively promote the industries that have high former distribution coefficient with the real estate, such as the consumer goods industry and consumer services.Increasing the real estate capital tax will increase the price of the labor relative to the price of capital, the labor factor is bound to be the capital factor substitution effect. Therefore, when the real estate capital tax rate increases, employment will increase and capital requirement will reduce. Because government revenue comes mainly from taxes, increasing the real estate capital tax will directly increase government revenue, and government transfers payments to residents, businesses, and so on. On the other hand, the increase in real estate capital tax will promote an increase in employment, and the increase in employment will increase residents’ income, and the magnitude of urban residents increased relatively large.Real estate capital tax could regulation and control of the macroeconomic and sector economic. When the housing prices decline, lowing real estate capital tax could decrease the cost of real estate capital tax, be liable for the decline in house prices on the economic impact of role play reverse, so as to reflect the real estate capital tax stabilizing the economy. The real estate tax is neutral in the short term, the real estate tax will not have an impact on social welfare. But in the long run, the real estate tax is a non-neutral, full use of tax policy to regulate the real estate supply and demand. Regulation of real estate in the real estate tax, the government should give full consideration to the impact of the real estate industry of its associated industries and the macroeconomic.

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CLC: > Economic > Economic planning and management > Urban and municipal economy > Urban Economics and Management > The real estate economy
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