NO.PZ2021090804000008
问题如下：
The private wealth management company ABC has a client named Maggie, and Maggie and ABC are now discussing a decumulation strategy. This strategy involves Maggie's two accounts, a taxable account and a tax-exempt account, and will allow Maggie to withdraw $200,000 per year. The current balances of both accounts are $2 million.
Maggie asks which account ABC should withdraw from first，until the funds are exhausted before withdrawing from another account, and vice versa. ABC reviews the accounts to make recommendations; he assumes that the two accounts have a fixed,pre-tax rate of return of 10%, and the income in the taxable account is taxed at a fixed effective tax rate of 20%. ABC recommends that Maggie withdraw funds from the taxable account first until it is depleted, and then withdraw from the tax-exempt account .
Discuss why the tax reduction strategy recommended by ABC is a more tax-efficient strategy.
选项：
解释：
ABC’s recommendation to withdraw funds from the taxable account first until it is depleted prior to withdrawing from the tax-exempt account is the more tax-efficient decumulation strategy. The tax-exempt account will compound at a higher rate (the pre-tax rate of 10%) than the taxable account (with an after-tax rate of 10% × (1 − 0.2) = 8%). With a fixed tax rate, it is optimal to make withdrawals from the taxable account first and allow the tax-exempt account to continue to compound.
ABC 的建议是先从应税账户中提取资金，直到资金用完后再从免税账户中提取，这是更节税的累积策略。 免税账户将比应税账户（税后税率为 10% × (1 − 0.2) = 8%）以更高的回报率（税前税率为 10%）进行复利。 在固定税率的情况下，最好先从应税账户中提款，然后让免税账户继续复利。
为啥我记得老师上课的时候说的是 交税就能晚交就晚交，不能晚交就少交。那为什么这题要先从TAX账户里先取钱呢？还是说特定情况下才这样？
