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America’s Regressive Wealth Tax: State and Local Property Taxes

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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 percent of state and local tax revenue, and amount to an effective wealth tax rate of 0.86 percent 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," Working Papers gueconwpa~21-21-18, Georgetown University, Department of Economics.
    • Handle: RePEc:geo:guwopa:gueconwpa~21-21-18
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    Keywords

    Inequality; wealth tax; property tax;
    All these keywords.

    JEL classification:

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

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