Topic
Wealth tax
About: Wealth tax is a research topic. Over the lifetime, 359 publications have been published within this topic receiving 3993 citations. The topic is also known as: wealth taxation.
Papers published on a yearly basis
Papers
TL;DR: In this paper, the effects on the demand for risky assets of income, capital gains, and wealth taxation, with and without loss-offsets, using a general expected utility maximization model, are discussed.
Abstract: Publisher Summary This chapter reviews the effects on the demand for risky assets of income, capital gains, and wealth taxation, with and without loss-offsets, using a general expected utility maximization model. It also explores the welfare implications of these alternative taxes. A proportional wealth tax increases, leaves unchanged, or decreases the demand for risky assets as the individual has increasing, constant, or decreasing relative risk aversion. On the other hand, a proportional wealth tax increases, leaves unchanged, or decreases private risk-taking as the individual has increasing, constant, or decreasing absolute risk aversion. If there is decreasing relative and absolute risk aversion, investment in the risky asset may be unchanged or decreased as the result of the imposition of an income tax. For a well-behaved utility function, with diminishing marginal utility and decreasing absolute risk aversion, the imposition of the income tax leaves the demand for risky assets unaffected. The chapter explores the effects of no loss-offset provision in an otherwise proportional income tax. It highlights the welfare implications of the preferential treatment of capital gains.
437 citations
Book•
1 Jan 1996
TL;DR: In this article, an economist's account of the gains the rich made in the 1980s, this book shows the increase in the inequality of wealth using examples and facts and figures, and demonstrates that the majority of advanced industrial countries tax household wealth holdings, while the USA does not.
Abstract: An economist's account of the gains the rich made in the 1980s, this book shows the increase in the inequality of wealth using examples and facts and figures. In the second part of the book, the author demonstrates that the majority of advanced industrial countries tax household wealth holdings, while the USA does not. Examining the various taxes in Europe, Wolff proposes a Swiss-style, direct wealth tax for the USA that would raise about $40 billion per year.
182 citations
TL;DR: In this article, the effects of wealth taxes on wealth accumulation in Denmark have been studied using administrative wealth records from Denmark, and they find that the long-run elasticity of wealth with respect to the net-of-tax return is sizeable at the top of distribution.
Abstract: Using administrative wealth records from Denmark, we study the effects of wealth taxes on wealth accumulation. Denmark used to impose one of the world’s highest marginal tax rates on wealth, but this tax was drastically reduced and ultimately abolished between 1989 and 1997. Due to the specific design of the wealth tax, these changes provide a compelling quasi-experiment for understanding behavioral responses among the wealthiest segments of the population. We find clear reduced-form effects of wealth taxes in the short and medium run, with larger effects on the very wealthy than on the moderately wealthy. We develop a simple lifecycle model with utility of residual wealth (bequests) allowing us to interpret the evidence in terms of structural primitives. We calibrate the model to the quasi-experimental moments and simulate the model forward to estimate the long-run effect of wealth taxes on wealth accumulation. Our simulations show that the long-run elasticity of wealth with respect to the net-of-tax return is sizeable at the top of distribution. Our paper provides the type of evidence needed to assess optimal capital taxation.
153 citations
TL;DR: In this paper, the authors provided an empirical assessment of an annual wealth tax in Sweden and estimated the elasticity of taxable wealth in the range [0.09, 0.27] using Swedish administrative data.
Abstract: This paper provides an empirical assessment of an annual wealth tax. Using Swedish administrative data, I estimate net-of-tax-rate elasticities of taxable wealth in the range [0.09, 0.27]. Cross-ch ...
153 citations
TL;DR: The second wave of the Spanish Survey of Household Finances (EFF2005) as mentioned in this paper was designed to give continuity to the information on household finances collected through the first wave, which allows linking of incomes, assets, debts, and consumption at the household level.
Abstract: This paper describes the methods of the second wave of the Spanish Survey of Household Finances (EFF2005), paying special attention to the innovations relative to the first wave The EFF2005 was designed to give continuity to the information on household finances collected through the EFF2002 The EFF is the only statistical source in Spain that allows the linking of incomes, assets, debts, and consumption at the household level A desirable characteristic present in both waves is the oversampling of wealthy households This is achieved on the basis of the wealth tax through a blind system of collaboration between the National Statistics Institute and the Tax Office which preserves stringent tax confidentiality An additional important characteristic of the EFF is that the second wave has a full panel component Further, a refreshment sample by wealth stratum has been incorporated to preserve cross-sectional representativity and overall sample size
144 citations
Related Topics (5)
Performance Metrics
| Year | Papers |
|---|---|
| 2021 | 34 |
| 2020 | 43 |
| 2019 | 31 |
| 2018 | 24 |
| 2017 | 16 |
| 2016 | 13 |