Progressive Wealth Taxation

Brookings Papers, By Emmanuel Saez and Gabriel Zucman

The paper discusses the progressive taxation of household wealth. The paper discuss: (i) what wealth is, how it is distributed, and how much revenue a progressive wealth tax could generate in the United States, (ii) the role a wealth tax can play to increase the overall progressivity of the US tax system, (iii) the empirical evidence on wealth tax avoidance and evasion as well as tax enforcement policies, (iv) the real economic effects of wealth taxation on inequality, the capital stock, and economic activity, and (v) present a simple tractable model of the taxation of billionaires’ wealth that can be applied to the Forbes list of the 400 richest Americans since 1982. The model applied to the Forbes data illustrates the long-run effects of wealth taxation on top fortunes.

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By Saez, Emmanuel and Zucman, Gabriel, posted on Monday September 9, 2019

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