面對高房價的民怨，政府立法課徵「房地合一所得稅」，於既存的土地移轉課徵土地 增值稅制度下，建立了不動產交易稅的雙軌設計。房地合一所得稅改變了以往房地交易 房地分離課稅之設計，並使稅制由地方稅轉為國稅。房地分離課稅，基本上認為土地為 天賦公器、房屋為資本改良；因此，前者應重稅、後者宜輕稅，採差別稅率課徵。房地 合一稅制以打房之名對房地交易所得課相同稅率，不僅忽視了土地與房屋性質的差異， 也因誤認了房地產價格高漲背後的原因，而模糊了問題解決的有效方法。此波房價的高 漲，因稅基失實、稅率過低，致稅負過輕，在低利率環境、房價預期心理助長下，不動 產成為國人投資、保值的最佳工具；更由於土地供給相對稀少、有土斯有財的觀念，促 使土地成為投機炒作的對象。是以，高房價的背後實隱藏著土地問題未能處理的困境。 有關不動產價格泡沫化研究中，近期興起土地槓桿假說，認為不動產價格的上 漲主要為地價的上漲，此於國外土地相對不受限、視房地產為單一商品研究中，頗為特 殊。惟國内產官學界漸有趨向房地合一的觀點，逐漸有忽視土地獨特性的傾向，此對解 決國内有關住宅、相關問題實無助益。是以，本專題擬以土地槓桿假說為焦點，以房地 價格分離為起點，於確立槓桿假說之適用後，探討土地槓桿比例之驅動因素，並比較時 空差異性，以建構完整之分析結構。
Traditionally, capital gain tax on property were calculated by applying different taxation rate on assessed land value and improvement value separately in Taiwan for its fundamental nature. Due to grievance over high real estate price, Taiwanese government amended capital gain tax to be calculated based on transaction price and multiplied by one rate. Not only did it alter the original design of taxation separation, it changed property capital gain tax from local tax to national tax. Concept that land is limited and ultimately belong to the country and that improvement is a capital investment by stakeholders on the land is the reasoning that tax on the two should be separated, with former applied with higher tax rate and the latter lower. Unified taxation ignored the fundamental concept formerly deployed and blurred the righteous solution to skyrocketed property price. Uniquely limited land, investor manipulation, unreasonable low taxation and irrational price expectation are some of the major cause for high transaction price in Taiwan. Land-improvement unified taxation does not assist on establishing a healthy and stabilize sales price. Land leverage hypothesis have been used in several foreign researches for real estate bubble. It argues that price increase is caused by increasing land value, contrary to viewing real estate as a whole. Most foreign countries do not experience the same level of land deficiency as in Taiwan; and, therefore, land leverage hypothesis need not be emphasized as much. Land-improvement unified taxation viewed real estate as one product and ignored the unique feature of land which does not help prevent potential crisis. This research will employ the concept of land leverage hypothesis to first compare data for value of land and improvement and check its feasibility in Taiwan, then analyze usage of land leverage hypothesis for further application. This research aims to provide just and effective method to combat bubbling real estate market and establish ideal taxation system.
