Huang Chongzhe, Dean of the Financial Research Institute.

(file photo)

Huang Chongzhe

(Dean of Financial Research Institute, Editor-in-Chief of "Taiwan Banker" magazine)

As the saying goes: "The problems that can be solved by money are not the most difficult problems." But this time, the actual collection of tax revenue is greater than the budgeted amount, that is, the total tax revenue for the whole year exceeds the amount scheduled to be received at the beginning of the year, because The financial luck of too much money has caused social disturbances about "excessive taxation", which has turned money itself into a problem.

It is sincerely hoped that after the general financial chaos that disregarded fiscal discipline, Taiwan's citizens' financial awareness can improve, so that the requirements of fiscal discipline can become more and more mature.

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A closer look at the origin of the money is precisely because of the due procedures for budget review, which were sent to the Legislative Yuan for review in August of the previous year. Possible tax revenue for the full year after the next year.

In the past few years, in the face of the international environment of the US-China trade conflict, the spread of the epidemic, and the Ukrainian Patriotic War, various international organizations and economists have not been optimistic about Taiwan's prosperity, so the government also made conservative estimates when making estimates. It may be collected annually to avoid creating a deficit.

Fortunately, God bless Taiwan. The certificate payment tax of the previous year and the business tax of last year were all due to the impressive performance of Taiwan's industries, resulting in unexpectedly high income.

But should all the money be distributed to the people?

The answer is of course not, because compared with other countries in the world, most of the fiscal deficits during this period are serious. Taiwan is lucky to use the best project, and the most appropriate project is to strengthen the social safety net, that is, to take advantage of the opportunity Reinforcing labor insurance and health insurance finances will allow Taiwan to face the inevitable impact of a declining birth rate, or the impact of economic recession on income decline.

Just like Norway in the 1970s used the income from digging the North Sea oil fields to build an admirable and morally caring sovereign fund for his descendants, rather than populist tax cuts or extravagant squandering on useless infrastructure.

It is a pity that, regarding our country's rare financial luck in the past two or three years, some people have led the way and said that taxes should be paid to the people, and the government is required to distribute money in a general way.

In all fairness, this is the greatest tragedy in Taiwan's finances. Ma Bao thinks that there is a person called the government, but forgets that the government is us, and the finance is our own money and our own debts. "People will give us money, we take our own money, and we owe our debts.

When we quarreled with the government about money, in fact, the money that was finally sent to us was not from the purses of these officials, but from our own future wallets.

Under the impact of the epidemic, too many people and industries in Taiwan need support and assistance. International energy prices have soared, and many people have lost most of their income without subsidies.

All of these require the government to distribute "fiscal luck" so that people who encounter bad luck will not be too miserable.

If there is any positive meaning to the chaos and turmoil of the general cash distribution this time, it will make the people's wallets more closely linked with the government's financial performance.

Cash was issued today when there was an over-levy. In the future, when there is a short-term levy, everyone has to take the cash out of their pockets and bring it back to the treasury. Don’t yell at the government for stealing money.

For several consecutive years of financial luck, it is understandable to use cash to entertain the whole people, but it should be remembered that the monkeys will always be happy to invest the financial energy that belongs to Taiwan's sustainable use in Taiwan. The right project will allow Taiwan to be more resilient in the face of future financial misfortune, so that Taiwan can be better. I think this is the true meaning of fiscal discipline.

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