Welfare: Savings not Taxation

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dc.contributor.author Douglas, R en
dc.contributor.author MacCulloch, Robert en
dc.date.accessioned 2018-10-08T20:59:33Z en
dc.date.issued 2017-05-31 en
dc.identifier.uri http://hdl.handle.net/2292/39559 en
dc.description.abstract Many nations are seeking to reform their welfare states so that costs to the government can be reduced and the quality of outcomes improved. As a potential way to achieve these aims, there has been a surge of interest in the Singaporean model which features compulsory savings accounts and transparent pricing of health services. It has achieved some of the best health-care outcomes in the world at a cost that is the lowest among high income countries. In this paper we show how tax cuts can be designed to help establish compulsory savings accounts so that a publicly funded welfare system can be changed into one that relies more heavily on private funding in a politically feasible way. To our knowledge, showing how both a tax and welfare reform can be jointly designed to enable this transition to occur has not been done before. Our policy reform creates institutions that have features in common with Singaporean ones, especially for health-care. However there are also key differences. We present a new unified approach to the funding of health, retirement and risk-cover (for events like unemployment) through the establishment of a set of compulsory savings accounts. A case study of New Zealand is used as an illustration. The fiscal impact of our proposed reform on the government’s current and future budgets is reported, as well as its effect on low, middle and high income individuals. en
dc.description.uri http://cepr.org/content/welfare-savings-not-taxation en
dc.publisher Centre for Economic Policy Research (United Kingdom; 12 pages) en
dc.rights Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. en
dc.rights.uri https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm en
dc.subject Welfare State, Taxation, Compulsory Savings en
dc.title Welfare: Savings not Taxation en
dc.type Internet Publication en
dc.rights.holder Copyright: The author en
pubs.author-url http://cepr.org/sites/default/files/policy_insights/PolicyInsight89.pdf en
pubs.publication-status Published online en
dc.rights.accessrights http://purl.org/eprint/accessRights/RestrictedAccess en
pubs.elements-id 715473 en
dc.relation.isnodouble 658952 *
dc.relation.isnodouble 766319 *
dc.relation.isnodouble 750024 *
dc.relation.isnodouble 1288127 *
pubs.org-id Business and Economics en
pubs.org-id Graduate School of Management en
pubs.record-created-at-source-date 2017-11-18 en

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