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Épargne,investissement et fiscalité


  • Pascal Salin


[fre] Parmi les différentes mesures fiscales généralement préconisées pour stimuler l'investissement — des diminutions d'impôts sur l'investissement ou sur l'épargne ou des aides fiscales à l'investissement — le présent article explique pourquoi il faut éviter les aides à l'investissement et donner la préférence aux mesures relatives à l'impôt sur le revenu ou aux impôts sur le capital plutôt qu'a l'impôt sur le bénéfice des sociétés. En effet, l'impôt sur le revenu introduit des distorsions entre la consommation (qui est favorisée) et l'épargne, les impôts sur le capital introduisent des distorsions entre différentes formes de capital et l'impôt sur les souetes introduit, pour sa part, des distorsions entre différentes formes d'entreprises et entre les fonds propres et les fonds empruntés. Par ailleurs, tous ces impôts entraînent, à des titres divers, une diminution de l'éparne. Si toutes les distorsions sont fâcheuses, il n'en reste pas moins que la diminution de la discrimination dont l'épargne est l'objet, par l'intermédiaire de l'impôt sur le revenu ou les impôts sur le capital, est la plus apte à accroître le niveau de l'épargne et de l'investissement. Quant aux aides à l'investissement, elles sont peu utiles s'il n'existe pas une épargne correspondante et elles sont nécessairement arbitraires. [eng] This article discusses some of the tax measures which are usually suggested in order to stimulate investment. They concern either a decrease ot taxes on saving or investment, or tax exemptions and subsidies in favor of investment. This article explains why the latter ones have to be avoided and it gives reasons for prefering measures related with the income tax or capital taxes rather than to the ior[x>rate tax. In tact, the income tax introduces distorsions between consumption (which is favored) and savings, capital taxes introduce distorsions between different forms of capital, and the corporation tax. Introduces, on the one hand, distorsions between different categories of firms, and, on the other hand between equity capital and borrowed capital. Moreover, all these taxes cause a decrease in the total amount of savings. Although all the distorsions ought to be avoided, a decrease in the discrimination against savings implied by the income tax and capital taxes would be the most efficient device to increase the level of investment. Tax exemptions and subsidies in favor of investment are not very useful in the absence of corresponding savings and they are necessarily arbitrary.

Suggested Citation

  • Pascal Salin, 1988. "Épargne,investissement et fiscalité," Revue Française d'Économie, Programme National Persée, vol. 3(1), pages 2-19.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1988_num_3_1_1166
    Note: DOI:10.3406/rfeco.1988.1166

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