Overall, the chapter suggests that broad-based capital income taxation - including the taxation of capital gains - combined with well-designed inheritance taxes may be a more efficient and less administratively costly way of addressing wealth inequality. Overall, this chapter finds that, from both an efficiency and an equity perspective, there are limited arguments for having a net wealth tax on top of well-designed capital income taxes - including taxes on capital gains - and inheritance taxes, but that there are arguments for having a net wealth tax as an (imperfect) substitute for these taxes.
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"AAF’s assessment of how the economy will respond to these taxes indicates they will have broad impacts. In particular, the Warren and Sanders wealth taxes will mean an effective tax as large as 63 cents on American workers for every dollar the wealth tax raises in revenue.
Read more: https://www.americanactionforum.org/research/wealth-taxes-and-workers/#ixzz6oLwCdAcu"
"Emmanuel Saez and Gabriel Zucman present the key elements needed to successfully implement a progressive wealth tax in the United States. They estimate the wealth tax base is between 9 and 13 trillion dollars for a wealth tax applied to the 0.1% richest families, depending on the wealth measurement used. Using a new model of wealth taxation of billionaires to illustrate the long-run effects of wealth taxation on top fortunes, they find that a moderate wealth tax in place since 1982, with a 3% marginal tax rate above $1 billion, would have reduced the total share of wealth owned in 2018 by the 400 richest Americans from about 3.5% to about 2%. A more radical wealth tax, with a 10% marginal tax rate above $1 billion, would have reduced this share further to about 1%."
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