Core Viewpoint - Recent tax revenue growth has outpaced economic growth, significantly driven by the bull market, which has contributed to substantial tax revenue increases for the government [2][3] Tax Revenue Contributions from the Bull Market - The bull market is estimated to contribute approximately 310 billion in incremental tax revenue this year, equivalent to 2% of the 2024 tax revenue [3][10] - This contribution is expected to come from two main sources: 1. Securities industry tax revenue growth, estimated at around 270 billion 2. Personal capital market-related tax revenue growth, estimated at around 40 billion [3][10] Securities Industry Tax Revenue Growth - The securities industry is projected to see a tax revenue increase of approximately 270 billion, driven by significant growth in brokerage, proprietary trading, and asset management revenues [5][10] - Historical data indicates that the tax revenue from the securities industry has increased by 56.8% year-on-year, validating the strong correlation between market performance and tax revenue [6][12] Personal Capital Market-Related Tax Revenue Growth - Personal capital market-related tax revenue is expected to grow by about 40 billion, primarily due to increased individual income tax from capital market activities [7][15] - Historical trends show that during bull markets, personal income tax from capital market sources has often exceeded economic growth, with significant contributions from dividend income and capital gains [15][16] Other Tax Revenue Sources - The bull market is also expected to drive tax revenue growth from the insurance industry and non-financial corporate investment income, contributing to overall tax revenue increases [22] - For instance, the insurance industry has reported a year-on-year tax revenue growth of 13.3%, while non-financial corporate investment income has historically shown a potential growth of around 20% during bull markets [22]