从世界各国证券市场税收政策的实践来看，发达国家比较注重维护社会公平并且税制较完善、征管水平较高，因而通常以所得税为主，发展中国家比较注重增加财政收入和控制交易成本并且由于税制并不十分完善、征管水平不高，因而通常以流转税为主。从发展趋势来看，证券市场税收政策基本遵循由以流转税为主到以所得税为主的规律。与此相适应，笔者认为，我国证券市场税收政策选择也应由近期的注重流转税政策转向更加注重所得税的政策，这是因为：
第一，随着经济的发展、金融深化程度的加强以及经济结构的变迁，经济生活中对“效率”与“公平”的判断和选择也必将发生转变，由现阶段的“效率优先，兼顾公平”转向更加注重经济公平及社会公平的实现，或者说转变为“公平优先，兼顾效率”。与这种政策目标排序的转变相适应，我国的整体税制结构也必然会由以商品课税为主转变为以所得课税为主的“公平型”税制结构格局。这种政策目标排序的转变及税制结构的变迁反映到证券市场上，必然会要求强化所得税调控功能及维护社会公平的职能，从而实现社会公平的政策目标。
第二，虽然现行的证券交易印花税也有调控的作用，如1997年5月10日为了抑制过热的股市，国家决定将印花税税率由3‰上调为5‰，1998年6月12日为了摆脱股市低迷状态，国家又将印花税税率由5‰下调为4‰，但是应该明确的是印花税的调控作用与所得税发挥的调控作用是不同的。具体说，印花税的调控作用通常只能以调高或调低税率的方式来发挥，而税率的调整影响的是整个证券市场的参与者，因此印花税的调控作用从更大程度上说是一种总量的调整，或者说反映的是政府对证券市场的一种总体政策取向。而所得税政策可以通过实行差别税率、持有证券期限长短等途径实现对取得不同类别所得的纳税人进行调节的作用，因而，相对于印花税等流转税而言，所得税政策可以说是一种结构调整，反映的是政府对各类所得或者说对证券市场中各类所得不同的政策取向，因此，所得税政策发挥的调控作用要比流转税政策更为细致和合理。
第三，从发展前景来看，由于印花税等流转税收入增长潜力有限，因而也在某种程度上制约着其调控作用的发挥，而所得税由于增长潜力较大，因而调控作用发展前景也相对看好。
第四，我国证券市场的弱效市场特征也决定了证券税收应发挥更大的维护社会公平作用，而实行累进税率的所得税在维护社会公平方面较之实行比例税率的证券交易印花税要有效的多。应该承认，我国证券市场在相当长的时期内都将是个不成熟的弱性效率市场，由于信息不对称性的存在，因此证券市场中内幕交易将在相当长的时期内存在。近年来，虽然信息披露制度在不断完善，但一方面由于这项工作本身的执行难度较大，另一方面由于公司披露信息不可避免地会产生高额成本（甚至招来对手的竞争而使计划受挫），这使得上市公司在某项计划初期不可能总是及时、充分地披露信息，从而给内幕人士以投机获利的余地。我们可以看到，经常有某只股票忽然连日大涨，等到公司发布公告，广大投资者得到消息时，股价早已到位，炒作者早已借机出货了。这种内幕交易的存在将使少数投资者获取超额利润，而大多数投资者则只能获取微利或亏损，证券市场的这种“失灵”要求税收以累进税率调节不同投资者的利益，发挥“看得见的手”维护社会公平的作用。而此时“看得见的手”主要依靠的应该是实行累进税率的所得税，而非实行比例税率的流转税（证券交易印花税）。
Securities market from around the world the practice of tax policy point of view, the developed countries pay more attention to maintaining social equity and a better tax system, a high level of collection, which is usually the main income, developing countries pay more attention to the increase of financial revenue and control transaction costs and because of the tax system is not very perfect, collection and management level is not high, which is usually dominated turnover tax. From the development trend, stock market tax policy in general conformity with the turnover tax from the main to the law based on income taxation. Compatible with this, I believe that
Tax policy options for China's securities market should also be emphasis on the recent policy shift by the turnover tax pay more attention to income tax policy, which is because:
First, with the economic development, strengthening of financial deepening, as well as changes in economic structure and economic life of the "efficiency" and "fairness" of the judgments and choices will surely shift from the current stage of "giving priority to efficiency, taking into account fair "to pay more attention to the realization of fairness and social equity, or into a" fair giving priority to efficiency. " With this sort of change in policy objectives correspond to the overall tax structure in China will inevitably shift from commodity-based taxation to income taxation as mainly a "fair-type" tax structures.
This sort of change in policy objectives and the changes in tax structure be reflected in the stock market will definitely request for strengthening the income tax regulation function and the function of maintaining social equity in order to achieve the policy objective of social equity.
Secondly, although the current stamp duty on securities transactions also have the role of regulation, such as the May 10, 1997 in order to curb the overheated stock market, the state decided to increase the stamp duty rate from 3 ‰ to 5 ‰, 1998 Nian Yue 12 Day In 6 out of the stock market downturn state, country will be the stamp duty rate reduced from 5 ‰ to 4 ‰, but it should be clear that the regulation of stamp duty and income tax to play a role in the regulation of the role is different. Specifically, the control function of stamp duty is usually increased or decreased rates can only be a way to play, while the tax rate impact of the adjustments of the entire securities market participants,
Therefore, the role of the stamp duty from the greater degree of control, said a total amount of the adjustment, or reflect the government securities market as a general policy. The income tax policy could be through the introduction of differential tax rates, the length of period of holding of securities and other ways to achieve different types of income on access to adjust the role of the taxpayer, therefore, relative to the turnover tax, stamp duties, income tax policy could be said to be a kind of structural adjustment , reflects the Government's various types of income or proceeds of the securities markets of all kinds of different policy orientations, therefore, income tax policy to play a role in the regulation is more detailed than the turnover tax policy and reasonable.
Third, from a development perspective, due to stamp duty and other transfer of tax revenue growth potential is limited, and thus to some extent, restrict the role of its regulation play, while the income tax due to higher growth potential, thus regulation of the role is also relatively optimistic about prospects for the development .
Fourth, China's securities market weak efficiency of the securities market characteristics have also decided to tax should play a greater role in the maintenance of social justice, while implementing a progressive income tax rates in the maintenance of social equity than the proportional tax rate of stamp duty on securities transactions to be effective multi - . Should be recognized that China's securities market for a long period of time would be a premature weak nature of the efficient market, due to the presence of asymmetric information, so stock market insider trading will be for a long period of time memory. In recent years, although the information disclosure system is constantly improved, but on the one hand due to the implementation of the work itself difficult,
Fourth, China's securities market weak efficiency of the securities market characteristics have also decided to tax should play a greater role in the maintenance of social justice, while implementing a progressive income tax rates in the maintenance of social equity than the proportional tax rate of stamp duty on securities transactions to be effective multi - . Should be recognized that China's securities market for a long period of time would be a premature weak nature of the efficient market, due to the presence of asymmetric information, so stock market insider trading will be for a long period of time memory. In recent years, although the information disclosure system is constantly improved, but on the one hand due to the implementation of the work itself difficult,
The other hand, disclosure of information is inevitable as the company will produce high costs (or even provoke frustration to compete to make the plan), which is a listed company in an initial phase can not always timely and adequate disclosure of information, giving an insider people with room for speculative gain. We can see, it is often a stock suddenly rose several days, until the company issued a public notice, the majority of investors got the news, the stock already in place, speculation had already shipped opportunity. The existence of such insider trading a small number of investors will reap super profits, while most investors can only obtain low-profit or losses, stock market this "