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Discouraging saving and investment
hurts
the economy in the long run, which is why a review in 2010 by the OECD,
a club of mostly rich countries
, ranked corporate taxes as the most harmful of four common taxes to economic growth.
挫败储蓄和投资的积极性最终会损害经济，这也正是由发达国家组成的经合组织在2010年的报告中，将企业税列为四大税种中对经济增长危害最大的一种的原因。
1.discourage: to make sb feel less confident or enthusiastic about doing sth
美国总统乔拜登里程碑式的基础设施计划中提出的提高企业税率的提议，计划将企业税率从21％提高到28％，这将部分逆转前总统唐纳德·特朗普2017年的减税政策。
One problem is the “carried interest” loophole. It lets private-equity and hedge-fund managers
class
their fees as capital gains rather than income. Another issue is the explosive growth in “pass through” firms, for example partnerships, which accounted for more than half of American business income by 2011, up from about a fifth in 1980. Many capital-light, labour-intensive businesses such as law firms, consultancies and medical offices are organised this way. Mr Biden is right that bringing taxes on
wages
and capital into line would make tax avoidance harder.
一个问题是“附带权益”漏洞。它允许私募股权和对冲基金经理将他们的管理费归为资本利得而不是收入。另一个问题是“转移”公司(例如合伙企业)的爆炸式增长。2011年，合伙企业占美国企业收入的比重从1980年的大约五分之一，提高到了一半以上。许多资本较少、劳动密集型的企业，如律师事务所、咨询公司和诊所，都是这种组织形式。拜登是对的，将工资税和资本税统一起来将使避税更加困难。
The trade-off between inefficiency and tax avoidance is painful, but two principles can help chart a sensible course. The first is to realise that taxes on capital
stack up.
Before they can return their profits to investors in the form of dividends and capital gains, firms pay corporate taxes.
Whack up
every capital levy to rates resembling income taxes and you will take a larger bite out of investment income than out of wages.
权衡低效与避税是很痛苦的，但有两条原则有助于制定合理的路线。首先是要意识到对资本征税可以累加。在将以股息和资本利得的方式向投资者分配利润之前，企业要缴纳公司所得税。对资本税按类似所得税的税率划分，你将从投资收入中获得比工资更大的收益。
Shareholders in California, for example, face Mr Biden’s proposed 28% corporate-tax rate, his 39.6% federal capital-gains rate, a 13.3% state tax on capital gains, and a 3.8% levy on investment income introduced as part of Obamacare. They could, in theory, keep less than a third of their nominal returns under the Biden plan—and even less of their real returns given that some of those taxes would be paid on the illusory capital gains generated by inflation.
例如，加州的股东们面临着拜登提议的28%的企业税，39.6%的联邦资本利得税，13.3%的州资本利得税，以及奥巴马医改部分中采用的3.8%的投资收入税。从理论上讲，在拜登计划下，保留的收益不到名义回报的三分之一——考虑到其中一些税收将用于填补通胀产生的泡沫资本利得，他们的实际回报就更少了。
In reality it is not as simple as compounding rates, because the corporate tax is leaky and the current system,
egregiously
, waives capital-gains taxes when assets are inherited. Still, after taking into account the revenues raised from closing loopholes, Mr Biden should ensure that taxes on capital do not rise above taxes on labour.
事实上，这并不像复利那么简单，因为公司税漏洞百出，而且当前的体系在继承资产时免除了资本利得税。不过，在考虑到堵住漏洞所带来的收入后，拜登应该确保对资本征税的水平不会超过对劳动力征税的水平。
The second principle is to reduce inefficiency with allowances for investment.
Exempting from capital taxation modest “normal” returns, which are usually measured by the interest rate on low-risk
bonds
, cuts distortions, as the normal return is in theory the minimum needed to make private-sector projects worthwhile.
第二个原则是通过投资补贴来减少低效率。
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本文节选自：The Economist（经济学人）
发布时间：2021.04.29
作者：The Economist
原文标题：How to tax capital without hurting investment
