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Behavioural responses to a wealth tax

Author

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  • Advani, Arun

    (University of Warwick, CAGE, the Institute for Fiscal Studies (IFS), and the LSE International Inequalities Institute (III))

  • Tarrant, Hannah

    (London School of Economics III)

Abstract

In this paper, we review the existing empirical evidence on how individuals respond to the incentives created by a net wealth tax. Variation in the overall magnitude of behavioural responses is substantial: estimates of the elasticity of taxable wealth vary by a factor of 800. We explore three key reasons for this variation: tax design, context and methodology. We then discuss what is known about the importance of individual margins of response and how these interact with policy choices. Finally, we use our analysis to systematically narrow down and reconcile the range of elasticity estimates. We argue that a well‐designed wealth tax would reduce the tax base by 7–17 per cent if levied at a tax rate of 1 per cent.
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Suggested Citation

  • Advani, Arun & Tarrant, Hannah, 2021. "Behavioural responses to a wealth tax," CAGE Online Working Paper Series 577, Competitive Advantage in the Global Economy (CAGE).
  • Handle: RePEc:cge:wacage:577
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    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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