Does delayed retirement crowd out the welfare of the workforce? To answer this question, a dynamic optimization framework is established to simulate the impact of delayed retirement on the welfare of the working population over time. Simulations are conducted based on practical and feasible parameters. Delayed retirement was found to improve the welfare of the working population rather than crowding it out. Furthermore, the results are robust against changes in parameters and modes of supporting elderly individuals. In terms of policymaking, it is suggested that such facts be shared with the public and that a delayed retirement plan be introduced as soon as possible to manage the pension and retirement wave caused by post-1960s baby boomers. However, to ensure that the delayed retirement plan does not lead to a reduction in the welfare of the working population, increases in fertility costs and the pension replacement rate should be appropriately controlled.

In order to cope with population aging and emerging labor shortages, the Chinese government may soon introduce a policy to address this problem by raising the normal retirement age. However, the effects of planning for delayed retirement on the welfare of the elderly remain unknown. From an intergenerational support perspective, we develop a dynamic optimization model that can simulate changes in the welfare of the elderly over the years under different delayed retirement scenarios. Simulation results show that delaying retirement will produce a detrimental effect on old-age welfare. We further analyze strategies to mitigate this adverse effect and improve people’s welfare. First, the delayed retirement policy should raise the pension replacement rate, which could transfer part of the social welfare improvements from delayed retirement to the elderly through the transfer payment mechanism. Second, when adopting a defined-contribution pension system, the delayed retirement could increase the welfare of the elderly and the social well-being. Implications for future research and public policies concerning welfare effects of delayed retirement are discussed.

The problems of tax evasion and tax avoidance are as old as taxes themselves. Between 2015 and 2016 alone, many U.S. multinational corporations were involved in tax disputes with the European Commission. From a historical perspective, these disputes are unprecedented as they have resulted in tremendous amount of tax penalties. The most notable case was Apple for €13 billion of unpaid tax. This article discusses what tax strategies these corporations used that caused such disputes. It specifically investigates seven corporations: Apple Inc., McDonald's, Starbucks, Fiat, Amazon, Google, and Ikea, and elaborates on the following tax strategies: high royalties, intercompany transfer pricing, intercompany loans, and source of income in a high-tech industry. This article also discusses the European Commission's charges of tax evasion and how these corporations defend against them. When multinational corporations are operating abroad, they must observe not only domestic tax law but also international law.

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The E-business market in China is growing at an exponential rate. In 2013, the business volume is expected to reach $285 billion which surpasses the level in the U.S. As a result, there is a gold rush to China to participate in the market. This article discusses the potential but also points out the perils. This paper also focuses on the competition in the Chinese E-business market, and reveals that the Chinese online business is almost completely monopolized by only one seller, Taobao, which accounts for 81.2% of the whole E-business market. This article further considers the tax burden of the Internet commerce transaction which found that the Chinese government imposes a value-added tax at a rate of 17%. This rate is much higher than the sales tax rate at 7% in the U.S. Additionally, this article investigates the problem of counterfeited products and infringement of intellectual property rights. It discovered that this problem is rampant in China. The losses in international trade amount to $360 billion a year. Eighty percent of the counterfeited products were originated in China. The problem is extremely serious. Moreover, this article offers many planning strategies for operating an E-business in China. Despite the perils, this article concludes that the benefits of running an E-business in China outweigh the risks.