Den effektive beskatning af opsparingsafkast i Danmark

Abstract:

This paper calculates expected marginal effective tax rates on returns to savings in Danish pension schemes and on returns to ordinary deposit savings respectively. The analysis accounts for the explicit taxation of the different types of capital income as well as the implicit taxation through changes in means-tested public transfers. Effective tax rates are shown to increase in age for most income levels irrespective of the type of saving considered. Furthermore, it is shown that the effective tax rate on returns to pension savings tends to be regressive: In general, individuals who pays the top marginal income tax rate during the working life face a lower marginal effective tax rate on the returns to savings than do individuals with an income below this level. Moreover, homeowners tend to face a lower effective tax rate on savings than tenants. Finally, it is shown that for individuals who are not subject to the top marginal income tax rate, marginal effective tax rates on returns are lowest for savings in a pension scheme where the entire accumulated stock of savings is paid out when the individual retires (“kapitalpension”). For individuals with income subject to the top marginal tax rate, marginal effective tax rates on returns are lowest for saving in a life-annuity pension scheme (“livrente”).