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¿Es relevante el trato fiscal diferencial en el volumen de ahorro de los individuos?


  • José A. Herce


En este trabajo se aborda la cuestión de si la fiscalidad diferenciada afecta al volumen de ahorro. Los efectos de la fiscalidad sobre el ahorro se analizan en el marco de un sencillo y específico problema del consumidor permitiendo que la tasa de descuento temporal dependa o no de los impuestos. Tales efectos se transmiten a través del poder adquisitivo de la renta disponible de la que forma parte la renta del capital. Se establece que la fiscalidad general deprime el ahorro a través del efecto que tiene sobre las rentas salariales. La fiscalidad sobre la renta del capital o el patrimonio, sin embargo, bajo las circunstancias del problema del consumidor considerado, o no tiene efecto alguno sobre el ahorro o lo estimula en respuesta a la necesidad de mantener un perfil de consumo estable de ciclo vital cuando el ahorro acumulado o sus rendimientos son sometidos a impuestos en la fase inactiva de dicho ciclo. La fiscalidad diferida tiene en general este efecto. Como consecuencia de lo anterior, la fiscalidad diferenciada sobre los rendimientos de diferentes productos de ahorro sólo tendrá los efectos mencionados sobre el volumen de ahorro en la medida en que afecte a la tasa de rendimiento efectivo neto medio y, por lo tanto, a la renta disponible de ciclo vital.

Suggested Citation

  • José A. Herce, "undated". "¿Es relevante el trato fiscal diferencial en el volumen de ahorro de los individuos?," Working Papers 2002-20, FEDEA.
  • Handle: RePEc:fda:fdaddt:2002-20

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    References listed on IDEAS

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