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Wealth taxes basically guarantee that within a decade most wealth will be held in hard-to-value assets. Why isn't this a problem in countries that already tax
by bildung 5y ago
Wealth taxes basically guarantee that within a decade most wealth will be held in hard-to-value assets.
Why isn't this a problem in countries that already tax wealth, like France or Norway?
- JumpCrisscross 5y ago> Why isn't this a problem in countries that already tax wealth, like France or Norway? The literature I’ve seen shows it is [1]. Anecdotally, France’s wealthy have more illiquid holdings and bespoke financial exposures than their American counterparts.(Counterfactual: There are many jurisdictions with wealth taxes [2].) [1] https://faktasiden.com/dokumenter/SSRN-id1268381.pdf https://faktasiden.com/dokumenter/SSRN-id1268381.pdf [2] http://qed.econ.queensu.ca/pub/cpp/Sept1991/Bird.pdf http://qed.econ.queensu.ca/pub/cpp/Sept1991/Bird.pdf
- bildung 5y agoThat first paper doesn't talk about about changes in asset allocation due to the ISF. It's main argument is losses due to capital flight.