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Land, Wealth, and Taxation

Author

Listed:
  • Roberto Brunetti

    (GATE Lyon Saint-Étienne - Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet - Saint-Étienne - UJM EPE - Université Jean Monnet (EPSCPE) - EM - EMLyon Business School - CNRS - Centre National de la Recherche Scientifique, CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • Carl Gaigne

    (SMART - Structures et Marché Agricoles, Ressources et Territoires - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, Laval University, Quebec, Canada)

  • Fabien Moizeau

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique, TEPP - Travail, Emploi et Politiques Publiques - UPEM - Université Paris-Est Marne-la-Vallée - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper examines the role of land in wealth dynamics and its consequences on efficiency and inequality. We focus on the interplay among agents' bidding for location, mortgage market imperfections, and inheritance in a model in which agents leave to their heirs financial bequests and their housing wealth. The borrowing constraint generates a housing return premium and spatial wealth sorting, which translate into persistent wealth inequality. Since altruism and the borrowing constraint distort land price formation, we show that taxing land rent transmitted between generations is optimal. Land taxation cannot be disconnected from taxation on intergenerational wealth transfers.

Suggested Citation

  • Roberto Brunetti & Carl Gaigne & Fabien Moizeau, 2026. "Land, Wealth, and Taxation," Post-Print hal-05584145, HAL.
    • Handle: RePEc:hal:journl:hal-05584145
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