This paper expands on the traditional analysis of fiscal redistribution. It incorporates indirect tax into the research framework，and builds an analytical framework that can comprehensively measure the redistributive effect of fiscal instruments，including various taxes，social security and transfer payments. Based on China’s 2012 input-output table and survey data of urban and rural residents，this paper applied Fiscal Budget，Resident Income Accounting Framework and MT Index Measurement and Decomposition to build a social accounting matrix and a computable general equilibrium model. The results show that the overall redistribution of fiscal revenue in our country is reverse regulation. The Gini coefficient increased from 0.4129 before the fiscal effect to 0.4316 after the fiscal effect，up by 4.5%. Among them，indirect tax contributes -37%，social security contributes -28%，the transfer payment contributes 69%，social security contributes of 9%，personal income tax contributes 15%，and the use of indirect tax contributes of -126%. Financial redistribution also exacerbated the income gap between urban and rural areas. This phenomenon is rare in both middle-income and high-income countries. The main reason is that the proportion of transfer payments，social security expenditures，personal income tax and social security contributions in fiscal expenditure and income is too low，and the positive adjustment of income distribution is too small. On the other hand，indirect tax has a high proportion in fiscal revenue，and the negative adjustment of income distribution intensity is too great.