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Fiscal policy under the accumulating national debt!policy recommendations on governmental bonds and inheritance tax
Etsuji Okamoto
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! 55 !
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一般会計歳出の変化内1960，外2010年度2010年度社会保障費がその他歳出を上回る
68.6%
11.1%18.8%
地方交付税18.9%
国債費22.4％
その他29.2％
社会保障29.5%
1.5%
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Fiscal policy under the accumulating national debt6policy recommendations on governmental bonds and inheritance tax
Etsuji Okamoto,National Institute of Public Health7Department of Management Sciences7Section of Business Administration+
Key Words : fiscal policy, governmental bonds, inheritance tax, disparate society, financing
Abstract: Social security accounts for an increasing share in the fiscal expenditure while the fiscal revenueincreasingly relies on debt (governmental bonds). The accumulating national debt will pose a financial con-straint on social security if it is left unbridled, particularly when the long-term interest rate rises in thefuture. The national debt can only be reduced by heavier taxation on asset such as inheritance, not on flowssuch as income or consumption. On the contrary, Japan reduced inheritance tax repeatedly during the bub-ble economy in the late 1980s and early 1990s, when the disparity of asset widened. Increasing inheritancetax will be a far more acceptable policy choice than increasing income or consumption tax and will providedouble effects: reducing the national debt and simultaneously remedying the“disparate society”, therebyreviving the nostalgic“middle class society”.
Health Science and Health Care 9,2+(5466472009
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