宏观研究：中美税制及税负比较（2024）

Group 1: Tax System Comparison - The U.S. tax system is a federal structure with independent tax levels (federal, state, local), while China's tax system is centralized with a "tax-sharing" system established in 1994[3] - In 2023, the U.S. personal income tax accounted for 49.5% of federal revenue, while China's personal income tax only represented 8.2% of total tax revenue[4] - China's primary tax is VAT, which constituted 39.0% of total tax revenue in 2023, while the U.S. does not have a VAT[4] Group 2: Macro Tax Burden Comparison - China's macro tax burden has been generally lower than the U.S. due to extensive tax cuts; in 2023, China's overall macro tax burden was slightly higher than the U.S. for the first time since 2022[5] - The small-caliber macro tax burden in China was 5.1 percentage points lower than the U.S. in 2023[6] - The medium-caliber macro tax burden in China was 21.0% in 2023, compared to the U.S. at 26.0%[7] Group 3: Future Tax Trends - The "Trump 2.0" era may lead to renewed tax cuts in the U.S., potentially increasing competitive pressure on China's tax policies[10] - China's future macro tax burden will depend on domestic economic recovery, particularly in the real estate sector[10] - In 2023, China's full-caliber macro tax burden was 30.4%, remaining stable compared to 2022, while the U.S. saw a decline in its macro tax burden[9] Group 4: Corporate Tax Burden Insights - Approximately 71.2% of China's tax revenue comes from indirect taxes, placing a heavier burden on enterprises compared to the U.S., where corporate taxes and social security taxes account for 33.7%[12] - High administrative fees and social insurance costs contribute to the perception of a heavy tax burden on Chinese enterprises[13] - In 2023, China's average natural gas cost was 5.4 times higher than that of the U.S., impacting operational costs for businesses[13]