Dear friends, today we are going to talk about a topic that seems to be unremarkable, but in fact concerns the vital interests of each of us -- the rise and fall of personal income tax income.
You may be wondering, "What does this have to do with me?" Don't worry, we'll solve this mystery right away.
Recently, there is a puzzling phenomenon: in March, the tax revenue soared by 75%, while in January and February there was a year-on-year decline of 15.9%. It may seem contradictory, but the reasons behind it are intriguing.
It turned out that all this stemmed from the "blame" of the Spring Festival. The time of the Spring Festival is different every year, which leads to the difference in the time when enterprises issue year-end bonuses. For example, this year's Spring Festival is in mid-February, so the relevant year-end bonus tax will be put into storage in March, resulting in a sharp increase in individual income tax this month. Last year's Spring Festival was in late January, and the year-end bonus tax was mainly concentrated in February, making the individual income tax in March relatively low.
Seeing this, you may say: "I see, doesn't it make sense that the individual income tax will fall in January and February?" Well, part of the reason is that it is. But in fact, the overall individual income tax revenue in the first quarter of this year fell by 4.5% year-on-year, which still makes people feel strange.
Among them, the key is that in the second half of last year, the State Council issued a preferential policy to increase the special additional deduction standard for individual income tax. To put it simply, it is to raise the deduction standards for items such as "one old and one young" (infants and young children under 3 years old, children's education, and support for the elderly), so that more people can enjoy tax reduction benefits. Last year alone, nearly 40 billion yuan of individual income tax was reduced for more than 66 million taxpayers.
Therefore, although the preferential individual income tax policy has been implemented since January 1 this year, the actual tax reduction has been since September last year. This led to the "high base" of individual income tax revenue last year, and this year it has been affected by preferential policies, and individual income tax revenue will naturally decline to a certain extent.
Judging from the data, in the first quarter of this year, the per capita disposable income of mainland residents increased by 6.2 percent year-on-year, and the wage income increased by 6.8 percent. As the economy continues to recover, it is expected that more than 12 million new jobs will be created in urban areas this year, and the surveyed unemployment rate will be controlled at about 5.5%.
The government also expects that in the context of the steady growth of residents' income, the annual individual income tax revenue will increase by about 6.3% year-on-year. In other words, although affected by some policy factors in the early stage, the overall trend of individual income tax revenue is still positive.
Of course, we can't ignore the existence of some unfavorable factors. For example, many enterprises and industries have recently seen "executive salary cuts", which will undoubtedly drag down the growth of individual income tax revenue to a certain extent.
But in general, as long as the economy maintains steady development and the income level of residents continues to increase, the growth of individual income tax revenue is a high probability event. The growth of individual income tax revenue, in turn, indicates an increase in national fiscal revenue, laying the foundation for increasing the supply of public goods and services.
Therefore, the rise and fall of individual income tax revenue is not only related to the vital interests of each of us, but also related to the overall situation of national development. As ordinary citizens, although we cannot control its ups and downs, understanding the internal logic is of great help to scientifically predict the economic situation and rationally arrange personal financial plans.
I hope this tweet can give you a deeper understanding of the story behind the income tax, and at the same time make you feel that the income tax is closely related to our lives. If you have any questions or additions, please leave a message to interact!