Wealth Distribution and Taxation - DARP

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Proportion of tax revenue raised by… All property taxes Wealth and W transfer taxes Wealth transfer taxes 11 February 2012 Frank Cowell: EC426 4
Why wealth taxation? • Revenue raising is unlikely to be major role • revenue raised less than 1% of receipts? • see OECD Revenue Statistics • Efficiency case for or against wealth taxation is unclear • (Cremer and Pestieau 2003) • Equity case for wealth taxation is more promising • direct impact of wealth taxation on redistribution must be small • in long run taxes may influence savings and bequest behaviour • these influence wealth accumulation and inequality 11 February 2012 Frank Cowell: EC426 5
Page 1 and 2: Wealth Distribution and Taxation EC
Page 3: Wealth taxation and its alternative
Page 7 and 8: Wealth concepts: UK example • Bri
Page 9 and 10: Proportion of wealth in residential
Page 11 and 12: Proportion of wealth in securities.
Page 13 and 14: Household portfolio composition - L
Page 15 and 16: LWS: Net worth 1.0 Canada 1999 NW1
Page 17 and 18: LWS: Net worth (top 10%) 1.0 Canada
Page 19 and 20: LWS: Total Assets 11 February 2012
Page 21 and 22: Functional form for wealth distribu
Page 23 and 24: Pareto estimates Top 10%: UK Sweden
Page 25 and 26: Trends in wealth inequality • Use
Page 27 and 28: Sweden: top 5 percent 11 February 2
Page 29 and 30: Wealth trends • UK Inequality fal
Page 31 and 32: A way forward • Wealth taxes may
Page 33 and 34: Link between generations n - 1 0 n
Page 35 and 36: Inter-generational • Role of taxa
Page 37 and 38: Bequest Dynamics: naïve consumptio
Page 39 and 40: Alternative consumption version •
Page 41 and 42: Simplified model (2) • Focus on f
Page 43 and 44: Tax: Equilibrium Wealth Distributio
Page 45 and 46: Summary • Dynastic model produces
Page 47: References (2) • Edlund, L. and K

Wealth Distribution and Taxation - DARP

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