讓渡所得稅 制度의 經濟的 效果 및 改善方案 硏究 : 외환위기 이후 양도소득세 개정을 중심으로

외환위기 이후 양도소득세 개정의 경제적 효과와 개선방안을 연구했다.

영문초록:This study attempted to investigate previous studies on the effect of the transfer income tax on the housing market and the change, problem and improvements of housing policy through the transfer income tax since 1998. The stability of the housing market is essential to stabilize the life of the middle class and common people and establish the proactive structure of economy. Under the current situation that return to prosperity is delayed, the increase in the burdens of housing expenses, a feeling of anxiety and unbelongingness relative to the purchase of the private house become a factor impedimental to national reconciliation and economic development.

And the rise in the housing price leads to the claim to raise the wage, becoming the factor of lowering national competitiveness and bringing about side effects such as the lowered desire to work, the mentality of uneasiness about prices, and the like. In case floating funds are not flowed into the productive sector but to the housing sector, it may distort fund flow and the economic structure. The housing stabilization policy should be progressed in such a comprehensive and sustained way as to wipe out the psychology of expectation about the rise in housing price.

With the policy aimed at curbing speculation in real estate, government has focused on the short-term response to speculation on real estate through the method of adjusting the intensity of the transfer income tax. When the business is in recession, government adopted the activation policy to stir up the prosperous sentiments of the market and when the housing price soared due to speculation in housing, it made use of the policy aimed at curbing speculation on real estate to respond to it by reinforcing taxation as the countermeasure against it. The policy was changed according to the situation rather than consistently progressed under the basic principle.

To boost the business, government mitigated the transfer income tax and gave the benefits of non-taxation and tax incentives but reinforced the transfer income tax and reduced the benefits of non-taxation and tax incentives as the policy aimed at curbing speculation in real estate. Now government should adopt the housing market stabilization policy in the long-term period, not in the short-term period. To stabilize the housing market, it is necessary to adopt the medium-and long-term regulatory policy in diverse methods such as heavy imposition of the holding tax as well as to impose the high rate of transfer income tax on income from transfer for a given period.

If the housing market stabilization policy is effected only by reinforcing the transfer income tax, it has the possibility of derogating from the efficient distribution of production factors by worsening income distribution except the market effect and constraining the movement of residence and the movement of labor. The reason that the transfer income tax has a negative effect on income distribution is as follows: If the housing price rises due to the lock-in effects resulting from the imposition of the transfer income tax, the houseless come to have difficulty purchasing their house and have the increased burden of the housing expenses on the part of the low-income bracket.

On the other hand, most homeowners, the medium-and high-income brackets, come to have the same effect that they receive and spend as many loans as the transfer income tax on the increased value of the asset from government at no interest. Accordingly, it results in government preserving income for the relatively high-income bracket, being able to worsen income distribution. Like this, the effect of imposing the transfer income tax come to have a considerable influence on the economic aspect. The economic effect of the transfer income tax may vary in the volume of trades, the attribution of the price and taxes according to the presence or absence of lock-in effects and its extent.

If the lock-in effects exist, the housing price rather rises and the volume of houses traded can further reduce. Owing to the lock-in effects, the housing price does not always rise at any time and at any place. But the transfer income tax is operated as the policy aimed at curbing speculation on housing to stabilize the housing price, but in case the transfer income tax is excessively reinforced, it can rather raise the housing price. Therefore, government should make efforts to get the effective economic effect by operating the tax rate of the transfer income tax prior to the business index