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America’s regressive wealth tax: state and local property taxes

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  • Arik Levinson

Abstract

Most taxes in the United States are levied on income flows, not capital stocks. One notable exception is state and local property taxes. This note documents their magnitude and regressivity. Property taxes account for more than 30% of state and local tax revenue, and amount to an effective wealth tax rate of 0.86% on the assets of the median US homeowner. The effective property-wealth tax rates are highest for younger, lower-income homeowners.

Suggested Citation

  • Arik Levinson, 2021. "America’s regressive wealth tax: state and local property taxes," Applied Economics Letters, Taylor & Francis Journals, vol. 28(14), pages 1234-1238, August.
    • Handle: RePEc:taf:apeclt:v:28:y:2021:i:14:p:1234-1238
    DOI: 10.1080/13504851.2020.1807458
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    Cited by:

    1. Cafferata, Alessia & Cerruti, Gianluca & Mazzone, Giulio, 2023. "Taxation, health system endowment and institutional quality: ‘Social media’ perceptions across Europe," Journal of Economic Behavior & Organization, Elsevier, vol. 215(C), pages 224-243.

    More about this item

    JEL classification:

    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • H7 - Public Economics - - State and Local Government; Intergovernmental Relations

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