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Measuring and taxing top incomes and wealth

Author

Listed:
  • Advani, Arun
  • Summers, Andy

Abstract

We discuss the measurement of top incomes and wealth in the UK and options for reforming their taxation. First, we highlight the importance of capital gains and migration in understanding long-term trends in top income shares and of survey under-coverage at the top in understanding top wealth shares. We next consider the scope for reforms to the taxation of capital to tackle these inequalities, whilst also improving the efficiency of taxation, emphasizing the roles of capital gains tax, inheritance tax and wealth taxes. Finally, we examine the question of who is taxed, including the tax treatment of highly mobile individuals and of trusts.

Suggested Citation

  • Advani, Arun & Summers, Andy, 2024. "Measuring and taxing top incomes and wealth," LSE Research Online Documents on Economics 137520, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:137520
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    File URL: https://researchonline.lse.ac.uk/id/eprint/137520/
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    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics
    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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