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id="toc-Belgium" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Belgium"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.2</span> <span>Belgium</span> </div> </a> <ul id="toc-Belgium-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bolivia" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Bolivia"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.3</span> <span>Bolivia</span> </div> </a> <ul id="toc-Bolivia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Colombia" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Colombia"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.4</span> <span>Colombia</span> </div> </a> <ul id="toc-Colombia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-France" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#France"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.5</span> <span>France</span> </div> </a> <ul id="toc-France-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Italy" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Italy"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.6</span> <span>Italy</span> </div> </a> <ul id="toc-Italy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Netherlands" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Netherlands"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.7</span> <span>Netherlands</span> </div> </a> <ul id="toc-Netherlands-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Norway" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Norway"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.8</span> <span>Norway</span> </div> </a> <ul id="toc-Norway-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Spain" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Spain"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.9</span> <span>Spain</span> </div> </a> <ul id="toc-Spain-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Switzerland" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Switzerland"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.10</span> <span>Switzerland</span> </div> </a> <ul id="toc-Switzerland-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Historical_examples" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Historical_examples"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Historical examples</span> </div> </a> <ul id="toc-Historical_examples-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Proposed_examples" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Proposed_examples"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Proposed examples</span> </div> </a> <ul id="toc-Proposed_examples-sublist" class="vector-toc-list"> <li id="toc-Germany" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Germany"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.1</span> <span>Germany</span> </div> </a> <ul id="toc-Germany-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Concentration_of_wealth" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Concentration_of_wealth"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Concentration of wealth</span> </div> </a> <button aria-controls="toc-Concentration_of_wealth-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Concentration of wealth subsection</span> </button> <ul id="toc-Concentration_of_wealth-sublist" class="vector-toc-list"> <li id="toc-France_2" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#France_2"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>France</span> </div> </a> <ul id="toc-France_2-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Revenue" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Revenue"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Revenue</span> </div> </a> <ul id="toc-Revenue-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Effect_on_investment" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Effect_on_investment"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Effect on investment</span> </div> </a> <ul id="toc-Effect_on_investment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticisms" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Criticisms"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Criticisms</span> </div> </a> <button aria-controls="toc-Criticisms-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Criticisms subsection</span> </button> <ul id="toc-Criticisms-sublist" class="vector-toc-list"> <li id="toc-Capital_flight" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Capital_flight"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Capital flight</span> </div> </a> <ul id="toc-Capital_flight-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Valuation_issues" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Valuation_issues"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Valuation issues</span> </div> </a> <ul id="toc-Valuation_issues-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Social_effects" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Social_effects"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>Social effects</span> </div> </a> <ul id="toc-Social_effects-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Past_repeals" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Past_repeals"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Past repeals</span> </div> </a> <ul id="toc-Past_repeals-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Legal_impediments" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Legal_impediments"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Legal impediments</span> </div> </a> <button aria-controls="toc-Legal_impediments-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Legal impediments subsection</span> </button> <ul id="toc-Legal_impediments-sublist" class="vector-toc-list"> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.1</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Germany_2" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Germany_2"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.2</span> <span>Germany</span> </div> </a> <ul id="toc-Germany_2-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Wealth tax</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 32 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-32" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">32 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B6%D8%B1%D8%A7%D8%A6%D8%A8_%D8%A7%D9%84%D8%AB%D8%B1%D9%88%D8%A9" title="ضرائب الثروة – Arabic" lang="ar" hreflang="ar" data-title="ضرائب الثروة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C6%8Fmlak_vergisi" title="Əmlak vergisi – Azerbaijani" lang="az" hreflang="az" data-title="Əmlak vergisi" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%B8%E0%A6%AE%E0%A7%8D%E0%A6%AA%E0%A6%A6_%E0%A6%95%E0%A6%B0" title="সম্পদ কর – Bangla" lang="bn" hreflang="bn" data-title="সম্পদ কর" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-ba mw-list-item"><a href="https://ba.wikipedia.org/wiki/%D0%9C%D3%A9%D0%BB%D0%BA%D3%99%D1%82%D0%BA%D3%99_%D2%BB%D0%B0%D0%BB%D1%8B%D0%BC" title="Мөлкәткә һалым – Bashkir" lang="ba" hreflang="ba" data-title="Мөлкәткә һалым" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target"><span>Башҡортса</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Impost_sobre_el_Patrimoni" title="Impost sobre el Patrimoni – Catalan" lang="ca" hreflang="ca" data-title="Impost sobre el Patrimoni" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Da%C5%88_z_majetku" title="Daň z majetku – Czech" lang="cs" hreflang="cs" data-title="Daň z majetku" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Formueskat" title="Formueskat – Danish" lang="da" hreflang="da" data-title="Formueskat" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Verm%C3%B6gensteuer" title="Vermögensteuer – German" lang="de" hreflang="de" data-title="Vermögensteuer" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Rikkusemaks" title="Rikkusemaks – Estonian" lang="et" hreflang="et" data-title="Rikkusemaks" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Impuesto_sobre_el_patrimonio" title="Impuesto sobre el patrimonio – Spanish" lang="es" hreflang="es" data-title="Impuesto sobre el patrimonio" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%DB%8C%D8%A7%D8%AA_%D8%A8%D8%B1_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87" title="مالیات بر سرمایه – Persian" lang="fa" hreflang="fa" data-title="مالیات بر سرمایه" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Imp%C3%B4t_sur_la_fortune" title="Impôt sur la fortune – French" lang="fr" hreflang="fr" data-title="Impôt sur la fortune" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%B6%80%EC%9C%A0%EC%84%B8" title="부유세 – Korean" lang="ko" hreflang="ko" data-title="부유세" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%80%D5%A1%D6%80%D5%BD%D5%BF%D5%B8%D6%82%D5%A9%D5%B5%D5%A1%D5%B6_%D5%B0%D5%A1%D6%80%D5%AF" title="Հարստության հարկ – Armenian" lang="hy" hreflang="hy" data-title="Հարստության հարկ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Imposta_patrimoniale" title="Imposta patrimoniale – Italian" lang="it" hreflang="it" data-title="Imposta patrimoniale" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9E%D7%A1_%D7%A2%D7%95%D7%A9%D7%A8" title="מס עושר – Hebrew" lang="he" hreflang="he" data-title="מס עושר" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%9C%D0%B5%D0%BD%D1%88%D1%96%D0%BA_%D1%81%D0%B0%D0%BB%D1%8B%D2%93%D1%8B" title="Меншік салығы – Kazakh" lang="kk" hreflang="kk" data-title="Меншік салығы" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Tributum_pro_divitis" title="Tributum pro divitis – Latin" lang="la" hreflang="la" data-title="Tributum pro divitis" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%B8%E0%A4%82%E0%A4%AA%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A5%80_%E0%A4%95%E0%A4%B0" title="संपत्ती कर – Marathi" lang="mr" hreflang="mr" data-title="संपत्ती कर" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Vermogensbelasting" title="Vermogensbelasting – Dutch" lang="nl" hreflang="nl" data-title="Vermogensbelasting" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%AF%8C%E8%A3%95%E7%A8%8E" title="富裕税 – Japanese" lang="ja" hreflang="ja" data-title="富裕税" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Formuesskatt" title="Formuesskatt – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Formuesskatt" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Mol-mulk_solig%CA%BBi" title="Mol-mulk soligʻi – Uzbek" lang="uz" hreflang="uz" data-title="Mol-mulk soligʻi" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Podatek_maj%C4%85tkowy" title="Podatek majątkowy – Polish" lang="pl" hreflang="pl" data-title="Podatek majątkowy" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Imposto_sobre_riqueza" title="Imposto sobre riqueza – Portuguese" lang="pt" hreflang="pt" data-title="Imposto sobre riqueza" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9D%D0%B0%D0%BB%D0%BE%D0%B3_%D0%BD%D0%B0_%D0%B8%D0%BC%D1%83%D1%89%D0%B5%D1%81%D1%82%D0%B2%D0%BE" title="Налог на имущество – Russian" lang="ru" hreflang="ru" data-title="Налог на имущество" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a 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class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Tax on an entity's holdings of assets</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"Capital tax" redirects here. 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.mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Tax" title="Tax">Taxation</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/100px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png" decoding="async" width="100" height="113" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/150px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/200px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 2x" data-file-width="440" data-file-height="496" /></a></span></td></tr><tr><td class="sidebar-above"> An aspect of <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_policy" title="Tax policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></li> <li><a href="/wiki/Property_tax_equalization" title="Property tax equalization">Property tax equalization</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_law" title="Tax law">Tax law</a></li> <li><a href="/wiki/Tax_bracket" title="Tax bracket">Tax bracket</a> <ul><li><a href="/wiki/Flat_tax" title="Flat tax">Flat tax</a></li></ul></li> <li><a href="/wiki/Income_tax_threshold" title="Income tax threshold">Tax threshold</a></li> <li><a href="/wiki/Taxation_as_theft" title="Taxation as theft">Taxation as theft</a></li> <li><a href="/wiki/Tax_shift" title="Tax shift">Tax shift</a></li> <li><a href="/wiki/Tax_cut" title="Tax cut">Tax cut</a></li> <li><a href="/wiki/Tax_advantage" title="Tax advantage">Tax advantage</a></li> <li><a href="/wiki/Tax_incentive" title="Tax incentive">Tax incentive</a></li> <li><a href="/wiki/Tax_reform" title="Tax reform">Tax reform</a></li> <li><a href="/wiki/Tax_harmonization" title="Tax harmonization">Tax harmonization</a></li> <li><a href="/wiki/Tax_competition" title="Tax competition">Tax competition</a></li> <li><a href="/wiki/Double_taxation" title="Double taxation">Double taxation</a></li> <li><a href="/wiki/No_taxation_without_representation" title="No taxation without representation">Representation</a></li> <li><a href="/wiki/Medical_savings_account" title="Medical savings account">Medical savings account</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax#Economic_effects" title="Tax">Economics</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General Theory</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Effect_of_taxes_and_subsidies_on_price" title="Effect of taxes and subsidies on price">Price effect</a></li> <li><a href="/wiki/Excess_burden_of_taxation" title="Excess burden of taxation">Excess burden</a></li> <li><a href="/wiki/Tax_incidence" title="Tax incidence">Tax incidence</a></li> <li><a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a></li> <li><a href="/wiki/Optimal_tax" title="Optimal tax">Optimal tax</a></li> <li><a href="/wiki/Fiscal_illusion" title="Fiscal illusion">Fiscal illusion</a></li> <li><a href="/wiki/Theories_of_taxation" title="Theories of taxation">Theories</a></li> <li><a href="/wiki/Optimal_capital_income_taxation" title="Optimal capital income taxation">Optimal capital income taxation</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Distribution of Tax</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_rate" title="Tax rate">Tax rate</a></li> <li><a href="/wiki/Flat_tax" title="Flat tax">Flat</a></li> <li><a href="/wiki/Progressive_tax" title="Progressive tax">Progressive</a></li> <li><a href="/wiki/Regressive_tax" title="Regressive tax">Regressive</a></li> <li><a href="/wiki/Proportional_tax" title="Proportional tax">Proportional</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_collection" class="mw-redirect" title="Tax collection">Collection</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Revenue_service" title="Revenue service">Revenue service</a></li> <li><a href="/wiki/Revenue_stamp" title="Revenue stamp">Revenue stamp</a></li> <li><a href="/wiki/Tax_assessment" title="Tax assessment">Tax assessment</a></li> <li><a href="/wiki/Taxable_income" title="Taxable income">Taxable income</a></li> <li><a href="/wiki/Tax_lien" title="Tax lien">Tax lien</a></li> <li><a href="/wiki/Tax_refund" title="Tax refund">Tax refund</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Tax_residence" title="Tax residence">Tax residence</a></li> <li><a href="/wiki/Tax_preparation" class="mw-redirect" title="Tax preparation">Tax preparation</a></li> <li><a href="/wiki/Tax_protester" title="Tax protester">Tax protester</a></li> <li><a href="/wiki/Tax_investigation" title="Tax investigation">Tax investigation</a></li> <li><a href="/wiki/Tax_collector" title="Tax collector">Tax collector</a></li> <li><a href="/wiki/Tax_withholding" title="Tax withholding">Tax withholding</a></li> <li><a href="/wiki/Privatized_tax_collection" title="Privatized tax collection">Private tax collection</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_noncompliance" title="Tax noncompliance">Noncompliance</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Legal <a href="/wiki/Tax_avoidance" title="Tax avoidance">tax avoidance</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">Base erosion and profit shifting</a> (BEPS) <ul><li><a href="/wiki/Double_Irish_arrangement" title="Double Irish arrangement">Double Irish</a> <ul><li><a href="/wiki/Double_Irish_arrangement#Replacement_by_single_malt" title="Double Irish arrangement">Single Malt</a></li> <li><a href="/wiki/Double_Irish_arrangement#Backstop_of_capital_allowances" title="Double Irish arrangement">CAIA</a></li></ul></li> <li><a href="/wiki/Dutch_Sandwich" title="Dutch Sandwich">Dutch Sandwich</a></li></ul></li> <li><a href="/wiki/Tax_credit" title="Tax credit">Tax credit</a></li> <li><a href="/wiki/Tax_deduction" title="Tax deduction">Tax deduction</a></li> <li><a href="/wiki/Tax_exemption" title="Tax exemption">Tax exemption</a></li> <li><a href="/wiki/Taxpayer_groups" title="Taxpayer groups">Taxpayer groups</a></li> <li><a href="/wiki/Tax_holiday" title="Tax holiday">Tax holiday</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Farm_(revenue_leasing)" title="Farm (revenue leasing)">Tax farming</a></li> <li><a href="/wiki/Repatriation_tax_avoidance" title="Repatriation tax avoidance">Repatriation tax avoidance</a></li> <li><a href="/wiki/Tax_patent" title="Tax patent">Tax patent</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Illegal <a href="/wiki/Tax_evasion" title="Tax evasion">tax evasion</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Tax_amnesty" title="Tax amnesty">Tax amnesty</a></li> <li><a href="/wiki/Black_market" title="Black market">Black market</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Tax_exile" title="Tax exile">Tax exile</a></li> <li><a href="/wiki/Smuggling" title="Smuggling">Smuggling</a></li> <li><a href="/wiki/Tax_resistance" title="Tax resistance">Tax resistance</a></li> <li><a href="/wiki/Transfer_mispricing" title="Transfer mispricing">Transfer mispricing</a></li> <li><a href="/wiki/Unreported_employment" title="Unreported employment">Unreported employment</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Locations</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a></li> <li><a href="/wiki/Corporate_haven" title="Corporate haven">Corporate havens</a></li> <li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a> (OFCs)</li> <li><a href="/wiki/Offshore_magic_circle" title="Offshore magic circle">Offshore magic circle</a></li> <li><a href="/wiki/Conduit_and_sink_OFCs" title="Conduit and sink OFCs">Conduit and sink OFCs</a></li> <li><a href="/wiki/Financial_centre" title="Financial centre">Financial centres</a></li> <li><a href="/wiki/Financial_Secrecy_Index" title="Financial Secrecy Index">Financial Secrecy Index</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Major examples</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Ireland_as_a_tax_haven" title="Ireland as a tax haven">Ireland as a tax haven</a> <ul><li><i><a href="/wiki/Apple%27s_EU_tax_dispute" title="Apple's EU tax dispute">Ireland v. Commission</a></i></li> <li><a href="/wiki/Leprechaun_economics" title="Leprechaun economics">Leprechaun economics</a></li></ul></li> <li><a href="/wiki/2008_Liechtenstein_tax_affair" title="2008 Liechtenstein tax affair">Liechtenstein tax affair</a></li> <li><a href="/wiki/LuxLeaks" title="LuxLeaks">Luxembourg Leaks</a></li> <li><a href="/wiki/Offshore_Leaks" title="Offshore Leaks">Offshore Leaks</a></li> <li><a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a></li> <li><a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></li> <li><a href="/wiki/Swiss_Leaks" title="Swiss Leaks">Swiss Leaks</a></li> <li><a href="/wiki/United_States_as_a_tax_haven" title="United States as a tax haven">United States as a tax haven</a></li> <li><a href="/wiki/Panama_as_a_tax_haven" title="Panama as a tax haven">Panama as a tax haven</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/List_of_taxes" title="List of taxes">Types</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Direct_tax" title="Direct tax">Direct</a></li> <li><a href="/wiki/Indirect_tax" title="Indirect tax">Indirect</a></li> <li><a href="/wiki/Per_unit_tax" title="Per unit tax">Per unit</a></li> <li><a href="/wiki/Ad_valorem_tax" title="Ad valorem tax">Ad valorem</a></li> <li><a href="/wiki/Aviation_taxation_and_subsidies" title="Aviation taxation and subsidies">Aviation</a> <ul><li><a href="/wiki/Airport_improvement_fee" title="Airport improvement fee">Airport improvement</a></li> <li><a href="/wiki/Landing_fee" title="Landing fee">Landing</a></li> <li><a href="/wiki/Solidarity_tax_on_airplane_tickets" title="Solidarity tax on airplane tickets">Solidarity</a></li></ul></li> <li><a href="/wiki/Capital_gains_tax" title="Capital gains tax">Capital gains</a> <ul><li><a href="/wiki/Expatriation_tax" title="Expatriation tax">Expatriation</a></li></ul></li> <li><a href="/wiki/Consumption_tax" title="Consumption tax">Consumption</a> <ul><li><a href="/wiki/Departure_tax" title="Departure tax">Departure</a></li> <li><a href="/wiki/Hotel_tax" class="mw-redirect" title="Hotel tax">Hotel</a></li> <li><a href="/wiki/Sales_tax" title="Sales tax">Sales</a></li> <li><a href="/wiki/Stamp_duty" title="Stamp duty">Stamp</a></li> <li><a href="/wiki/Television_licence" title="Television licence">Television</a></li> <li><a href="/wiki/Tourist_tax" title="Tourist tax">Tourist</a></li> <li><a href="/wiki/Value-added_tax" title="Value-added tax">Value-added</a></li></ul></li> <li><a href="/wiki/Dividend_tax" title="Dividend tax">Dividend</a></li> <li><a href="/wiki/Environmental_tax" title="Environmental tax">Environmental tax</a> <ul><li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon</a></li> <li><a href="/wiki/Eco-tariff" title="Eco-tariff">Eco-tariff</a></li> <li><a href="/wiki/Landfill_tax" title="Landfill tax">Landfill</a></li> <li><a href="/wiki/Natural_resources_consumption_tax" title="Natural resources consumption tax">Natural resources consumption</a></li> <li><a href="/wiki/Severance_tax" title="Severance tax">Severance</a></li> <li><a href="/wiki/Steering_tax" title="Steering tax">Steering</a></li> <li><a href="/wiki/Stumpage" title="Stumpage">Stumpage</a></li></ul></li> <li><a href="/wiki/Excise" title="Excise">Excise</a> <ul><li><a href="/wiki/Alcohol_law" title="Alcohol law">Alcohol</a></li> <li><a href="/wiki/Cigarette_taxes_in_the_United_States" title="Cigarette taxes in the United States">Cigarette</a></li> <li><a href="/wiki/Fat_tax" title="Fat tax">Fat</a></li> <li><a href="/wiki/Meat_tax" title="Meat tax">Meat</a></li> <li><a href="/wiki/Sin_tax" title="Sin tax">Sin</a></li> <li><a href="/wiki/Sugary_drink_tax" title="Sugary drink tax">Sugary drink</a></li> <li><a href="/wiki/Tobacco_smoking" title="Tobacco smoking">Tobacco</a></li></ul></li> <li><a href="/wiki/Consolidated_Fund" title="Consolidated Fund">General</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Gift_tax" title="Gift tax">Gift</a></li> <li><a href="/wiki/Gross_receipts_tax" title="Gross receipts tax">Gross receipts</a></li> <li><a href="/wiki/Hypothecated_tax" title="Hypothecated tax">Hypothecated</a></li> <li><a href="/wiki/Income_tax" title="Income tax">Income</a></li> <li><a href="/wiki/Inheritance_tax" title="Inheritance tax">Inheritance (estate)</a></li> <li><a href="/wiki/Land_value_tax" title="Land value tax">Land value</a></li> <li><a href="/wiki/Luxury_tax" title="Luxury tax">Luxury</a></li> <li><a href="/wiki/Payroll_tax" title="Payroll tax">Payroll</a></li> <li><a href="/wiki/Pigouvian_tax" title="Pigouvian tax">Pigouvian</a></li> <li><a href="/wiki/Property_tax" title="Property tax">Property</a></li> <li><a href="/wiki/Resource_rent_tax" title="Resource rent tax">Resource rent</a></li> <li><a href="/wiki/Single_tax" title="Single tax">Single</a></li> <li><a href="/wiki/Surtax" title="Surtax">Surtax</a></li> <li><a href="/wiki/Turnover_tax" title="Turnover tax">Turnover</a></li> <li><a href="/wiki/Use_tax" title="Use tax">Use</a></li> <li><a href="/wiki/User_charge" title="User charge">User charge</a>/<a href="/wiki/User_fee" title="User fee">fee</a> <ul><li><a href="/wiki/Congestion_pricing" title="Congestion pricing">Congestion</a></li> <li><a href="/wiki/Fuel_tax" title="Fuel tax">Fuel</a></li> <li><a href="/wiki/Road_pricing" title="Road pricing">Road</a>/<a href="/wiki/GNSS_road_pricing" title="GNSS road pricing">GNSS</a></li> <li><a href="/wiki/Toll_(fee)" title="Toll (fee)">Toll</a></li> <li><a href="/wiki/Vehicle_miles_traveled_tax" title="Vehicle miles traveled tax">Vehicle miles traveled</a></li></ul></li> <li><a href="/wiki/Corporate_tax" title="Corporate tax">Corporate profit</a></li> <li><a href="/wiki/Excess_profits_tax" title="Excess profits tax">Excess profits</a></li> <li><a href="/wiki/Windfall_tax" title="Windfall tax">Windfall</a></li> <li><a href="/wiki/Negative_income_tax" title="Negative income tax">Negative (income)</a></li> <li><a class="mw-selflink selflink">Wealth</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/International_taxation" title="International taxation">International</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a></li> <li><a href="/wiki/Association_for_the_Taxation_of_Financial_Transactions_and_for_Citizens%27_Action" title="Association for the Taxation of Financial Transactions and for Citizens' Action">ATTAC</a></li> <li><a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a></li> <li><a href="/wiki/Common_Consolidated_Corporate_Tax_Base" title="Common Consolidated Corporate Tax Base"><span class="wrap">European Union Common Consolidated Corporate Tax Base</span></a> (CCCTB)</li> <li><a href="/wiki/Global_minimum_corporate_tax_rate" title="Global minimum corporate tax rate">Global minimum corporate tax rate</a></li> <li><a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a></li> <li><a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a></li> <li><a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></li> <li><a href="/wiki/Tax_equalization" title="Tax equalization">Tax equalization</a></li> <li><a href="/wiki/Tax_treaty" title="Tax treaty">Tax treaty</a></li> <li><a href="/wiki/Exchange_of_Information" class="mw-redirect" title="Exchange of Information">Exchange of Information</a></li> <li><a href="/wiki/Permanent_establishment" title="Permanent establishment">Permanent establishment</a></li> <li><a href="/wiki/Transfer_pricing" title="Transfer pricing">Transfer pricing</a></li> <li><a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European Union FTT</a></li> <li><a href="/wiki/Rule_against_foreign_revenue_enforcement" title="Rule against foreign revenue enforcement">Foreign revenue rule</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Trade" title="Trade">Trade</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Customs" title="Customs">Custom</a></li> <li><a href="/wiki/Duty_(economics)" class="mw-redirect" title="Duty (economics)">Duty</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a> <ul><li><a href="/wiki/Import" title="Import">Import</a></li> <li><a href="/wiki/Export" title="Export">Export</a></li></ul></li> <li><a href="/wiki/Trade_war" title="Trade war">Tariff war</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Free-trade_zone" title="Free-trade zone">Free-trade zone</a></li> <li><a href="/wiki/Trade_agreement" title="Trade agreement">Trade agreement</a></li> <li><a href="/wiki/ATA_Carnet" title="ATA Carnet">ATA Carnet</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)">Research</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Academic</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Mihir_A._Desai" title="Mihir A. Desai">Mihir A. Desai</a></li> <li><a href="/wiki/Dhammika_Dharmapala" title="Dhammika Dharmapala">Dhammika Dharmapala</a></li> <li><a href="/wiki/James_R._Hines_Jr." title="James R. Hines Jr.">James R. Hines Jr.</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Joel_Slemrod" title="Joel Slemrod">Joel Slemrod</a></li> <li><a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Advocacy groups</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Institute_on_Taxation_and_Economic_Policy" title="Institute on Taxation and Economic Policy">Institute on Taxation and Economic Policy</a> (ITEP)</li> <li><a href="/wiki/Oxfam" title="Oxfam">Oxfam</a> (UK)</li> <li><a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a> (US)</li> <li><a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a> (TJN)</li> <li><a href="/wiki/Tax_Policy_Center" title="Tax Policy Center">Tax Policy Center</a> (US)</li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Religion" title="Religion">Religious</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Church_tax" title="Church tax">Church tax</a></li> <li><a href="/wiki/Eight_per_thousand" title="Eight per thousand">Eight per thousand</a></li> <li><a href="/wiki/Teind" title="Teind">Teind</a></li> <li><a href="/wiki/Tithe" title="Tithe">Tithe</a></li> <li><a href="/wiki/Fiscus_Judaicus" title="Fiscus Judaicus">Fiscus Judaicus</a></li> <li><a href="/wiki/Leibzoll" title="Leibzoll">Leibzoll</a></li> <li><a href="/wiki/Temple_tax" title="Temple tax">Temple tax</a></li> <li><a href="/wiki/Tolerance_tax" title="Tolerance tax">Tolerance tax</a></li> <li><a href="/wiki/Jizya" title="Jizya">Jizya</a></li> <li><a href="/wiki/Kharaj" title="Kharaj">Kharaj</a></li> <li><a href="/wiki/Khums" title="Khums">Khums</a></li> <li><a href="/wiki/Nisab" title="Nisab">Nisab</a></li> <li><a href="/wiki/Zakat" title="Zakat">Zakat</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Category:Taxation_by_country" title="Category:Taxation by country">By country</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> All Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/List_of_countries_by_tax_rates" title="List of countries by tax rates">List of countries by tax rates</a> <ul><li><a href="/wiki/List_of_countries_by_tax_revenue_to_GDP_ratio" class="mw-redirect" title="List of countries by tax revenue to GDP ratio">Tax revenue to GDP ratio</a></li></ul></li> <li><a href="/wiki/Tax_rates_in_Europe" title="Tax rates in Europe">Tax rates in Europe</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Individual Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Taxation_in_Albania" title="Taxation in Albania">Albania</a></li> <li><a href="/wiki/Taxation_in_Algeria" title="Taxation in Algeria">Algeria</a></li> <li><a href="/wiki/Taxation_in_Argentina" title="Taxation in Argentina">Argentina</a></li> <li><a href="/wiki/Taxation_in_Armenia" title="Taxation in Armenia">Armenia</a></li> <li><a href="/wiki/Taxation_in_Australia" title="Taxation in Australia">Australia</a></li> <li><a href="/wiki/Taxation_in_Azerbaijan" title="Taxation in Azerbaijan">Azerbaijan</a></li> <li><a href="/wiki/Taxation_in_Bangladesh" title="Taxation in Bangladesh">Bangladesh</a></li> <li><a href="/wiki/Taxation_in_Bhutan" title="Taxation in Bhutan">Bhutan</a></li> <li><a href="/wiki/Taxation_in_Brazil" title="Taxation in Brazil">Brazil</a></li> <li><a href="/wiki/Taxation_in_Bulgaria" title="Taxation in Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Taxation_in_the_British_Virgin_Islands" title="Taxation in the British Virgin Islands">BVI</a></li> <li><a href="/wiki/Taxation_in_Canada" title="Taxation in Canada">Canada</a></li> <li><a href="/wiki/Taxation_in_China" title="Taxation in China">China</a></li> <li><a href="/wiki/Taxation_in_Colombia" title="Taxation in Colombia">Colombia</a></li> <li><a href="/wiki/Taxation_in_Croatia" title="Taxation in Croatia">Croatia</a></li> <li><a href="/wiki/Taxation_in_Denmark" title="Taxation in Denmark">Denmark</a></li> <li><a href="/wiki/Taxation_in_Finland" title="Taxation in Finland">Finland</a></li> <li><a href="/wiki/Taxation_in_France" title="Taxation in France">France</a></li> <li><a href="/wiki/Taxation_in_Germany" title="Taxation in Germany">Germany</a></li> <li><a href="/wiki/Taxation_in_Greece" title="Taxation in Greece">Greece</a></li> <li><a href="/wiki/Taxation_in_Hong_Kong" title="Taxation in Hong Kong">Hong Kong</a></li> <li><a href="/wiki/Taxation_in_Iceland" title="Taxation in Iceland">Iceland</a></li> <li><a href="/wiki/Taxation_in_India" title="Taxation in India">India</a></li> <li><a href="/wiki/Taxation_in_Indonesia" title="Taxation in Indonesia">Indonesia</a></li> <li><a href="/wiki/Taxation_in_Iran" title="Taxation in Iran">Iran</a></li> <li><a href="/wiki/Taxation_in_the_Republic_of_Ireland" title="Taxation in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Taxation_in_Israel" title="Taxation in Israel">Israel</a></li> <li><a href="/wiki/Taxation_in_Italy" title="Taxation in Italy">Italy</a></li> <li><a href="/wiki/Taxation_in_Japan" title="Taxation in Japan">Japan</a></li> <li><a href="/wiki/Taxation_in_Kazakhstan" title="Taxation in Kazakhstan">Kazakhstan</a></li> <li><a href="/wiki/Taxation_in_Lithuania" title="Taxation in Lithuania">Lithuania</a></li> <li><a href="/wiki/Taxation_in_Malta" title="Taxation in Malta">Malta</a></li> <li><a href="/wiki/Taxation_in_Morocco" title="Taxation in Morocco">Morocco</a></li> <li><a href="/wiki/Taxation_in_Namibia" title="Taxation in Namibia">Namibia</a></li> <li><a href="/wiki/Taxation_in_the_Netherlands" title="Taxation in the Netherlands">Netherlands</a></li> <li><a href="/wiki/Taxation_in_New_Zealand" title="Taxation in New Zealand">New Zealand</a></li> <li><a href="/wiki/Taxation_in_Norway" title="Taxation in Norway">Norway</a></li> <li><a href="/wiki/Taxation_in_Pakistan" title="Taxation in Pakistan">Pakistan</a></li> <li><a href="/wiki/Taxation_in_the_State_of_Palestine" title="Taxation in the State of Palestine">Palestine</a></li> <li><a href="/wiki/Taxation_in_Peru" title="Taxation in Peru">Peru</a></li> <li><a href="/wiki/Taxation_in_the_Philippines" title="Taxation in the Philippines">Philippines</a></li> <li><a href="/wiki/Taxation_in_Poland" title="Taxation in Poland">Poland</a></li> <li><a href="/wiki/Taxation_in_Portugal" title="Taxation in Portugal">Portugal</a></li> <li><a href="/wiki/Taxation_in_Russia" title="Taxation in Russia">Russia</a></li> <li><a href="/wiki/Taxation_in_South_Africa" title="Taxation in South Africa">South Africa</a></li> <li><a href="/wiki/Taxation_in_Sri_Lanka" title="Taxation in Sri Lanka">Sri Lanka</a></li> <li><a href="/wiki/Taxation_in_Sweden" title="Taxation in Sweden">Sweden</a></li> <li><a href="/wiki/Taxation_in_Switzerland" title="Taxation in Switzerland">Switzerland</a></li> <li><a href="/wiki/Taxation_in_Taiwan" title="Taxation in Taiwan">Taiwan</a></li> <li><a href="/wiki/Taxation_in_Tanzania" title="Taxation in Tanzania">Tanzania</a></li> <li><a href="/wiki/Taxation_in_the_United_Arab_Emirates" title="Taxation in the United Arab Emirates">United Arab Emirates</a></li> <li><a href="/wiki/Taxation_in_the_United_Kingdom" title="Taxation in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">United States</a></li> <li><a href="/wiki/Taxation_in_Uruguay" title="Taxation in Uruguay">Uruguay</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-below" style="background-color: #efefef;"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Taxation" class="mw-redirect" title="Template:Taxation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Taxation" class="mw-redirect" title="Template talk:Taxation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Taxation" title="Special:EditPage/Template:Taxation"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>wealth tax</b> (also called a <b>capital tax</b> or <b>equity tax</b>) is a tax on an entity's holdings of <a href="/wiki/Asset" title="Asset">assets</a> or an entity's <b>net worth</b>. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownership of <a href="/wiki/Unincorporated_entity" title="Unincorporated entity">unincorporated businesses</a>, <a href="/wiki/Security_(finance)" title="Security (finance)">financial securities</a>, and personal trusts (a one-off levy on wealth is a <a href="/wiki/Capital_levy" title="Capital levy">capital levy</a>).<sup id="cite_ref-EWBR2_1-0" class="reference"><a href="#cite_note-EWBR2-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Typically, wealth taxation often involves the exclusion of an individual's liabilities, such as mortgages and other debts, from their total assets. Accordingly, this type of taxation is frequently denoted as a <b>net</b> <b>wealth tax</b>. </p><p>As of 2017<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Wealth_tax&action=edit">[update]</a></sup>, five of the 36 <a href="/wiki/OECD" title="OECD">OECD</a> countries had a personal wealth tax (down from 12 in 1990).<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Proponents often argue that wealth taxes can reduce <a href="/wiki/Income_inequality" class="mw-redirect" title="Income inequality">income inequality</a> by making it harder for individuals to accumulate large amounts of wealth.<sup id="cite_ref-EWBR2_1-1" class="reference"><a href="#cite_note-EWBR2-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Many critics of wealth taxes claim that wealth taxes can cause wealthy people and businesses to move their wealth to lower tax jurisdiction (such as <a href="/wiki/Tax_havens" class="mw-redirect" title="Tax havens">tax havens</a>).<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="OECD_countries_with_a_wealth_tax">OECD countries with a wealth tax</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=1" title="Edit section: OECD countries with a wealth tax"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Global Revenue Statistics Database presents a roster of countries that have documented instances of revenue collected from wealth taxes (the data is limited to 1965-2021). A total of eight countries (Austria, Denmark, Finland, Germany, Netherlands, Norway, Sweden and Switzerland) were known to have collected revenue through a wealth tax in 1965. In the ensuing decades, the number of countries reporting wealth tax revenue increased gradually and reached its peak in 1995, with 12 countries (Austria, Denmark, Finland, France, Germany, Iceland, Italy, Netherlands, Norway, Spain, Sweden and Switzerland) reporting revenue generated from this form of taxation. </p><p>Although, as of 2021, only five of the 36 <a href="/wiki/OECD" title="OECD">OECD</a> countries continue to implement the wealth tax on individuals. </p><p>The five countries are Colombia, France, Norway, Spain and Switzerland.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="In_practice">In practice</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=2" title="Edit section: In practice"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are jurisdictions of sovereign <a href="/wiki/Nation_state" title="Nation state">nation states</a> that require declaration of the taxpayer's <a href="/wiki/Balance_sheet" title="Balance sheet">balance sheet</a> (assets and liabilities), and from that ask for a tax on <a href="/wiki/Net_worth" title="Net worth">net worth</a> (assets minus liabilities), as a percentage of the net worth, or a percentage of the net worth exceeding a certain level. Wealth taxes can be limited to <a href="/wiki/Natural_person" title="Natural person">natural persons</a> or they can be extended to also cover <a href="/wiki/Juristic_person" class="mw-redirect" title="Juristic person">legal persons</a> such as <a href="/wiki/Corporations" class="mw-redirect" title="Corporations">corporations</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In 1990, about a dozen European countries had a wealth tax, but by 2019, all but three had eliminated the tax because of the difficulties and costs associated with both design and enforcement.<sup id="cite_ref-A_wealth_tax_is_a_bad_idea_–_CNN_–_David_A._Andelman_6-0" class="reference"><a href="#cite_note-A_wealth_tax_is_a_bad_idea_–_CNN_–_David_A._Andelman-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-BI_2019-11_7-0" class="reference"><a href="#cite_note-BI_2019-11-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Belgium, Norway, Spain, and Switzerland are the countries that raised revenue from net wealth taxes on individuals in 2019 with net wealth taxes accounting for 1.1% of overall tax revenues in Norway, 0.55% in Spain, and 3.6% in Switzerland for 2017.<sup id="cite_ref-BI_2019-11_7-1" class="reference"><a href="#cite_note-BI_2019-11-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>According to an OECD study on wealth taxes, it is "difficult to firmly argue that wealth taxes would have negative effects on entrepreneurship. The magnitude of the effects of wealth taxes on entrepreneurship is also unclear".<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>A 2022 study found that wealth taxes are most likely to be implemented in the aftermath of major economic recessions.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>In November 2024, <a href="/wiki/G20" title="G20">G20</a> leaders agreed to "engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed."<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Example_countries">Example countries</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=3" title="Edit section: Example countries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Argentina">Argentina</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=4" title="Edit section: Argentina"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The official term used to denote the wealth tax in Argentina is "Impuesto sobre los Bienes Personales". </p><p>On 31 December 2021, Argentina’s tax authorities published General Resolution 912/2021, which introduces new modifications to the country’s wealth tax.<sup id="cite_ref-:4_11-0" class="reference"><a href="#cite_note-:4-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>The modifications made to the wealth tax in Argentina entail an augmentation of the non-taxable minimum to ARS 6,000,000. Moreover, residential real estate assets, wherein the owner's daily domicile is situated, shall not be subject to taxation if their worth equals or falls under ARS 30,000,000 (approx. <span style="white-space: nowrap">US$138,000</span> at April 2023 official exchange rate) . Additionally, the taxation rate structure has been revised. Assets surpassing ARS 100,000,000 (approx. <span style="white-space: nowrap">US$460,000</span> at April 2023 official exchange rate) will now be taxed at a rate of 1.50%, while those exceeding ARS 300,000,000 will be taxed at a rate of 1.75%.<sup id="cite_ref-:4_11-1" class="reference"><a href="#cite_note-:4-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <caption>Tax rates for assets held in Argentina </caption> <tbody><tr> <th colspan="2">Total assets (ARS) </th> <th rowspan="2">Tax on (1) (ARS) </th> <th rowspan="2">Tax on excess (%) </th></tr> <tr> <th>Over (1) </th> <th>Up to (inclusive) </th></tr> <tr> <td>0 </td> <td>3,000,000 </td> <td>- </td> <td>0.50 </td></tr> <tr> <td>3,000,000 </td> <td>6,500,000 </td> <td>15,000 </td> <td>0.75 </td></tr> <tr> <td>6,500,000 </td> <td>18,000,000 </td> <td>41,250 </td> <td>1.00 </td></tr> <tr> <td>18,000,000 </td> <td>100,000,000 </td> <td>156,250 </td> <td>1.25 </td></tr> <tr> <td>100,000,000 </td> <td>300,000,000 </td> <td>1,181,250 </td> <td>1.50 </td></tr> <tr> <td>300,000,000 </td> <td>and over </td> <td>4,181,250 </td> <td>1.75 </td></tr></tbody></table> <table class="wikitable"> <caption>Tax rates for assets held abroad (for tax residents) </caption> <tbody><tr> <th colspan="2">Value of assets held in Argentina and abroad (ARS) </th> <th rowspan="2">Tax rate (%) </th></tr> <tr> <th>Over </th> <th>Up to (inclusive) </th></tr> <tr> <td>0 </td> <td>3,000,000 </td> <td>0.70 </td></tr> <tr> <td>3,000,000 </td> <td>6,500,000 </td> <td>1.20 </td></tr> <tr> <td>6,500,000 </td> <td>18,000,000 </td> <td>1.80 </td></tr> <tr> <td>18,000,000 </td> <td>and over </td> <td>2.25 </td></tr></tbody></table> <p>Before FY2021, for assets held within Argentina, the tax is progressive from 0.50% on assets above ARS 3,000,000 (approx. <span style="white-space: nowrap">US$32,000</span> at April 2021 official exchange rate) to 1.25% on assets above ARS 18,000,000 (approx. <span style="white-space: nowrap">US$193,000</span> at April 2021 official exchange rate).<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> For assets held outside of Argentina, the tax is progressive from 0.70% on assets above ARS 3,000,000 to 2.25% on assets above ARS 18,000,000.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Belgium">Belgium</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=5" title="Edit section: Belgium"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Act of 7 February 2018, which is effectively a "wealth tax", announced an annual tax on securities accounts that imposes a 0.15% annual tax on financial instruments kept in securities accounts that are worth more than €500,000 per account holder.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>The first taxable period started on 10 March 2018 and ended (at the latest on) 30 September 2018, for which the tax had to be paid by 30 August 2019. The second taxable period runs from 1 October 2018 to 30 September 2019. In October 2019, the Belgian Constitutional Court issued a decision annulling this tax on securities accounts, with effect as of 1 October 2019.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>However, Belgium now re-introduced the annual tax on securities accounts law with some modifications in February 2021. The Belgian Parliament adopted the adjusted tax on securities accounts law applicable from 26 February 2021, with the first reference period ending on 30 September 2021. A solidarity tax of 0.15% is now applicable on securities accounts that reach or exceed €1,000,000 without regard to the number of accountholders, and the tax amount is limited to 10% of the difference between the taxable base and the threshold of €1,000,000.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Bolivia">Bolivia</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=6" title="Edit section: Bolivia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In December 2020, the Bolivian socialist government of President <a href="/wiki/Luis_Arce" title="Luis Arce">Luis Arce</a> approved a wealth tax on resident and non-resident individuals with a net fortune of over 30 million Bolivian Boliviano. The tax is progressive with tax rates in the range of 1.4% to 2.4% and includes both domestic and foreign assets. The tax went into effect from 2020 onwards<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Colombia">Colombia</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=7" title="Edit section: Colombia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 1 January 2019, the Senate passed a tax reform bill that includes a lower corporate tax rate, a new tax rate for financial corporations, and a new wealth tax. For the years 2019, 2020, and 2021, the new wealth (equity) tax has been set at 1% for Colombian-resident individuals' worldwide net worth, and 1% for non-resident individuals on Colombian properties only, such as real estate, yachts, artwork, vessels, ships, and other assets with a net equity of at least COP5 billion (<span style="white-space: nowrap">US$1.5 million</span>). Shares in Colombian firms, accounts receivable from Colombian debtors, some portfolio assets, and financial lease agreements are all exempt from the tax.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Following the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>, the richest Colombians will face higher taxes on wages, dividends, and properties, as well as a one-time "solidarity levy" on high incomes. All of which is part of a new bill that was sent to congress in April 2021. The bill aims to collect about 25 trillion pesos (<span style="white-space: nowrap">US$6.9 billion</span>) a year through new taxes and budget restraints, equating to 2.2 percent of GDP.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>On 13 December 2022, the Colombian President <a href="/wiki/Gustavo_Petro" title="Gustavo Petro">Gustavo Petro</a> enacted Law 2277 of 2022, which contains the tax reform proposals previously approved by congress. A new wealth tax will be introduced as a permanent tax on individuals with net worth as of 1 January of the relevant tax year exceeding 72,000 <a href="/wiki/Taxation_in_Colombia#:~:text=UVT_(Unidad_de_Valor_Tributario)_means_Tax_Value_Unit." title="Taxation in Colombia">UVT.</a> This amount will be calculated as the aggregate value of assets owned (real estate, investments, vehicles, financial products, accounts with financial institutions, etc.,), less the liabilities and debts. The tax will apply to the worldwide assets of resident individuals; nonresident individuals will be subject to wealth tax only on their Colombian assets. The tax rate is between 0 and 1,5% until 2026 and will be between 0 and 1% FY 2027 onwards.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <caption>Wealth progressive tax rates applicable for 2023, 2024, 2025, and 2026 </caption> <tbody><tr> <th colspan="2">Brackets in UVT </th> <th rowspan="2">Progressive tax rate (%) </th> <th rowspan="2">Tax </th></tr> <tr> <th>From </th> <th>To </th></tr> <tr> <td>> 0 </td> <td>72,000 </td> <td>0.0 </td> <td>0 </td></tr> <tr> <td>> 72,000 </td> <td>122,000 </td> <td>0.5 </td> <td>(Taxable wealth in UVT less than 72,000) x 0.5% </td></tr> <tr> <td>> 122,000 </td> <td>239,000 </td> <td>1.0 </td> <td>(Taxable wealth in UVT less than 122,000) x 1.0% + 250 UVT </td></tr> <tr> <td>> 239,000 </td> <td>upwards </td> <td>1.5 </td> <td>(Taxable wealth in UVT less than 239,000) x 1.5% +1,420 UVT </td></tr></tbody></table> <table class="wikitable"> <caption>Wealth progressive tax rates applicable from 2027 </caption> <tbody><tr> <th colspan="2">Brackets in UVT </th> <th rowspan="2">Progressive tax rate (%) </th> <th rowspan="2">Tax </th></tr> <tr> <th>From </th> <th>To </th></tr> <tr> <td>> 0 </td> <td>72,000 </td> <td>0.0 </td> <td>0 </td></tr> <tr> <td>> 72,000 </td> <td>122,000 </td> <td>0.5 </td> <td>(Taxable wealth in UVT less than 72,000) x 0.5% </td></tr> <tr> <td>> 122,000 </td> <td>239,000 </td> <td>1.0 </td> <td>(Taxable wealth in UVT less than 122,000) x 1.0% + 250 UVT </td></tr></tbody></table> <div class="mw-heading mw-heading4"><h4 id="France">France</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=8" title="Edit section: France"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Since 2018, France has had a wealth tax based on real estate (<a href="/w/index.php?title=Imp%C3%B4t_sur_la_fortune_immobili%C3%A8re&action=edit&redlink=1" class="new" title="Impôt sur la fortune immobilière (page does not exist)"><i>impôt sur la fortune immobilière</i></a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://fr.wikipedia.org/wiki/imp%C3%B4t_sur_la_fortune_immobili%C3%A8re" class="extiw" title="fr:impôt sur la fortune immobilière">fr</a>]</span>, IFI). It is payable by individuals who own real estate assets with a combined value of more than €1,300,000. French residents with global assets and non-residents who own French real estate may be liable for IFI. For French residents, the figure is calculated on all global real estate assets, and for non-residents, the figure is calculated based on the total value of French property and real estate assets only.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>From 1989 to 2017, France had the <a href="/wiki/Solidarity_tax_on_wealth" title="Solidarity tax on wealth">solidarity tax on wealth</a> (<span title="French-language text"><i lang="fr">impôt de solidarité sur la fortune</i></span>, ISF), an annual progressive wealth tax on any net assets above €800,000 for those with total net worth of €1,300,000 or more. <a href="/wiki/Marginal_tax_rate" class="mw-redirect" title="Marginal tax rate">Marginal rates</a> ranged from 0.5% to 1.5%. In 2007, it collected €4.07 billion, accounting for 1.4% of total revenue.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Italy">Italy</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=9" title="Edit section: Italy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Two types of wealth taxes are imposed in Italy. </p> <ul><li>"Imposta sul valore degli immobile situati all’estero" or "IVIE", is a 0.76% tax imposed on real assets held outside Italy. The values of such assets are determined by the purchase price or current market value. Property taxes paid in the country where the real estate exists can offset IVIE. For real estate owned in a European Union (EU) member state and in a country which is a member of the European Economic Area (EEA) that has an exchange of information agreement with Italy, the wealth tax is based on the cadastral value in force in the foreign country. In instances where there is a lack of cadastral value, the wealth tax is based on the purchase cost of the property resulting or the market value in force where the real estate is located. No IVIE is due if the tax is lower than EUR 200; otherwise, the entire IVIE amount is due. If the real estate properties are subject to a property tax in the country in which they are located, the individual can deduct the amount paid from the tax due in the Italian tax return.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup></li> <li>Another tax, "Imposta sul valore delle Attivita` Finanziarie detenute all` Estero" or "IVAFE", is 0.20% and is levied on all financial assets located outside the country, including, so far as the language seems to imply, individual pension schemes such as 401(k)s and IRAs in the US.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading4"><h4 id="Netherlands">Netherlands</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=10" title="Edit section: Netherlands"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is a tax called <i>vermogensrendementheffing</i>. Although its name (<i>wealth yield tax</i>) suggests that it is a tax on the <i>yield</i> of wealth, it qualifies as a wealth tax, since the actual yield (whether positive or negative) is not taken into account in its calculation. Up to and including 2016, the rate was fixed at 1.2% (30% taxation over an assumed yield of 4%). From the fiscal year of 2017 onwards, the tax rate progresses with wealth. See <a href="/wiki/Income_tax_in_the_Netherlands" title="Income tax in the Netherlands">Income tax in the Netherlands</a>. In addition to the <i>vermogensrendementheffing</i>, owners of real estate pay a tax called <i>onroerendezaakbelasting</i>, which is based on the estimated value of the real estate they own. This is a local tax, levied by the city council where the property is located. </p> <div class="mw-heading mw-heading4"><h4 id="Norway">Norway</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=11" title="Edit section: Norway"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>0.7% (municipal) and 0.15% (national) a total of 0.85% levied on net assets exceeding 1,500,000 kr (approx. <span style="white-space: nowrap">US$170,000</span>) as of 2019.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> For tax purposes, the value of the primary residence is valued to 25% of the market value, secondary residences to 90% of the market value, while working capital such as commercial real estate, stocks, and stock funds are valued at various percentages.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Conservative_Party_(Norway)" title="Conservative Party (Norway)">Conservative Party</a>, <a href="/wiki/Progress_Party_(Norway)" title="Progress Party (Norway)">Progress Party</a> and the <a href="/wiki/Liberal_Party_(Norway)" title="Liberal Party (Norway)">Liberal Party</a> have stated that they aim to reduce and eventually eliminate the wealth tax.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Spain">Spain</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=12" title="Edit section: Spain"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is a tax called <i>Patrimonio</i>. The tax rate is progressive, from 0.2 to 3.75% of net assets above the threshold of €700,000 after €300,000 primary residence allowance.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> The exact amount varies between regions. </p> <div class="mw-heading mw-heading4"><h4 id="Switzerland">Switzerland</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=13" title="Edit section: Switzerland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A progressive wealth tax that varies by residence location. Most <a href="/wiki/Cantons_of_Switzerland" title="Cantons of Switzerland">cantons</a> have no wealth tax for individual net worth less than <a href="/wiki/Swiss_franc" title="Swiss franc">SFr</a> 100000 (approx. <span style="white-space: nowrap">US$100,000</span>) and progressively raise the tax rate on net assets with a top rate ranging from 0.13% to 0.94% depending on canton and municipality of residence.<sup id="cite_ref-Expatica_Tax_30-0" class="reference"><a href="#cite_note-Expatica_Tax-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> Wealth tax is levied against worldwide assets of Swiss residents, but it is not levied against assets in Switzerland held by non-residents.<sup id="cite_ref-Expatica_Tax_30-1" class="reference"><a href="#cite_note-Expatica_Tax-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>Swiss wealth tax is regulated on a cantonal basis. All cantons levy a net wealth tax based on the balance of the worldwide gross assets minus debts, and tax rates can vary depending on the taxpayer's residency, with maximum rates varying from around 0.13% to 1.1%.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Historical_examples">Historical examples</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=14" title="Edit section: Historical examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Ancient Athens had a wealth tax called eisphora (see <a href="/wiki/Symmoria" title="Symmoria">symmoria</a>), and a wealth registry consisting of self-assessments (τίμημα), limited to the wealthiest. The registry was not very accurate.<sup id="cite_ref-avoid_33-0" class="reference"><a href="#cite_note-avoid-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: p.159">: p.159 </span></sup> </p><p>The religion of <a href="/wiki/Islam" title="Islam">Islam</a> has a concept sometimes described as a wealth tax called <a href="/wiki/Zakat" title="Zakat">Zakat</a>.<sup id="cite_ref-tusi2010_34-0" class="reference"><a href="#cite_note-tusi2010-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>Iceland had a wealth tax until 2006 and a temporary wealth tax reintroduced in 2010 for four years. The tax was levied at a rate of 1.5% on net assets exceeding 75,000,000 kr for individuals and 100,000,000 kr for married couples.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2012)">citation needed</span></a></i>]</sup> </p><p>Similar to Iceland, Denmark taxed household income above a certain exemption threshold, which was about the 98th percentile of the wealth distribution, until 1997. A dozen <a href="/wiki/OECD" title="OECD">OECD</a> countries imposed similar taxes until the 1990s, but the Danish wealth tax was the highest of its kind. Until the late 1980s, the marginal tax rate on wealth was 2.2 percent, leading to a very high rate on the return on wealth. After minimizing the tax for some years, the Danish government eventually abolished the tax altogether in 1997.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p><p>Some other European countries have discontinued this kind of tax in recent years: Germany (1997), Finland (2006), Luxembourg (2006) and Sweden (2007).<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>In the United Kingdom and other countries, property (real estate) is often a person's main asset, and has been taxed – for example, the <a href="/wiki/Window_tax" title="Window tax">window tax</a> of 1696, the <a href="/wiki/Rates_(tax)" title="Rates (tax)">rates</a>, to some extent the <a href="/wiki/Council_Tax" title="Council Tax">Council Tax</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Proposed_examples">Proposed examples</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=15" title="Edit section: Proposed examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Germany">Germany</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=16" title="Edit section: Germany"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In order to bridge the <a href="/wiki/Wealth_gap" class="mw-redirect" title="Wealth gap">wealth gap</a> between rich and poor in Germany, the <a href="/wiki/Social_Democratic_Party_of_Germany" title="Social Democratic Party of Germany">Social Democratic Party of Germany</a> called for a nationwide wealth tax to be reintroduced in 2019.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> According to the proposed tax reform, wealthy households would be required to pay an extra tax between 1% and 1.5%. A single household would need to pay 1% of their net worth on every euro surpassing €2 Million and married couple would have to pay for every euro surpassing €4 Million. A married household with a combined net worth of €4.2 Million would have to pay an annual wealth tax of €2,000.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> The proposition was eventually vetoed by the <a href="/wiki/CDU/CSU" title="CDU/CSU">CDU/CSU</a> and therefore never again considered.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Concentration_of_wealth">Concentration of wealth</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=17" title="Edit section: Concentration of wealth"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Wealth_concentration" class="mw-redirect" title="Wealth concentration">Wealth concentration</a></div> <p>In 2014, French economist <a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a> published a widely discussed<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> book entitled <i><a href="/wiki/Capital_in_the_Twenty-First_Century" title="Capital in the Twenty-First Century">Capital in the Twenty-First Century</a></i> that starts with the observation that economic inequality is increasing and proposes wealth taxes as a countermeasure. Piketty proposes a <a href="/wiki/World_taxation_system#Global_wealth_tax" title="World taxation system">global system of progressive wealth taxes</a> to help reduce inequality and avoid the trend towards a vast majority of wealth coming under the control of a tiny minority. This analysis was hailed as a major and important work by some economists.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> Other economists have challenged Piketty's proposals and interpretations.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="France_2">France</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=18" title="Edit section: France"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2017, when introducing the fiscal reform of the solidarity wealth tax, the government of the French president Emmanuel Macron used the first argument of capital flight. The other argument stated by the comity of evaluation of reforms on wealth fiscalism was that the previous wealth tax was not enough progressive for the top 0.1% wealthier. The “IFI” as the “ISF” are wealth tax thus they concerned high earners. A big part of people paying this tax are in the ninth decile of income distribution and the “IFI” represents one over two household in the wealthiest 0.01%. Therefore, in the general tax system, the “IFI” contributes, as did the ISF, to make the tax system more progressive. But this progressivity has limits: “the IFI represents on average 0.1% of income around the ninth decile and 1.2% of income of 0.1% of very well-off households in 2018. While the income tax rate under the ISF was stable overall, within the top 0.1% of income, the income tax rate under of the IFI declines for the wealthiest and falls to 0.6% for the top 0.01%.”<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> Broadly, this reform largely benefits to the 0.1% wealthier and did not make this wealth tax more progressive as it was supposed to be. In fact, it reduced the number of accountable people of wealth tax leaving the country but in term of investment, the gains of this reforms has been traduced in an increasing of dividend on capital earnings (37.4 billion from non-financial society had been paid) and not on direct investment on corporate (see “Capital flight”). In average and from different studies, those fiscal reforms benefited more to top-wealthier households. For Ben Jelloul and al. (2019), the reforms benefit for the top 1% more wealthier household with +5.5 point of disposable revenue. For Madec and al. (2019) it had affected on the top 2% of the wealthier households and for Pasquier and Sicsic (2019), the 5% of the top distribution perceived 57% of the gain of the fiscal reform.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Revenue">Revenue</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=19" title="Edit section: Revenue"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Revenue from a wealth tax scheme depends largely on the presence of <a href="/wiki/Net_worth" title="Net worth">net wealth</a> and <a href="/wiki/Distribution_of_wealth" title="Distribution of wealth">wealth inequality</a> within the target country. Revenue depends on the plan that is in place, but it generally can be modeled as <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle R=t\times w}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>R</mi> <mo>=</mo> <mi>t</mi> <mo>×</mo> <mi>w</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle R=t\times w}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/d367b74e0188002725e2bc696fb041e2080c72bc" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:10.207ex; height:2.176ex;" alt="{\displaystyle R=t\times w}"></span>, where t represents the tax rate and w is the amount of wealth affected by that tax rate.<sup id="cite_ref-:2_50-0" class="reference"><a href="#cite_note-:2-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> Many plans include <a href="/wiki/Tax_bracket" title="Tax bracket">tax brackets</a>, where a certain portion of the individual's wealth will be taxed at a given rate and any wealth beyond that amount will be taxed at a different rate. </p><p>A small number of countries have been using wealth tax regimes for some time. Revenues earned from wealth tax schemes vary by country from 0.98% of GDP in Switzerland to 0.22% in France, for example.<sup id="cite_ref-:0_51-0" class="reference"><a href="#cite_note-:0-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> 2020 United States presidential candidate Elizabeth Warren claimed a wealth tax plan could generate 1.4% of GDP in revenue for the United States.<sup id="cite_ref-:3_52-0" class="reference"><a href="#cite_note-:3-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p><p>According to data from the <a href="/wiki/OECD" title="OECD">Organisation for Economic Co-operation and Development</a> (OECD), the revenues generated from wealth taxes account for about 0.46% of all tax revenue on average in 2018 for countries which have wealth tax schemes in place. However this varies from country to country, the highest would be that of <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a> where it accounted for 7.18% of total tax revenue in 2018, the lowest would be Germany where it accounted for 0.03% of total tax revenue in 2018. </p> <table class="wikitable sortable" style="text-align:right;"> <caption>Wealth Tax Revenue Percentages by Country (USD, Billions) in 2022<sup id="cite_ref-:0_51-1" class="reference"><a href="#cite_note-:0-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th>Country </th> <th>Total Tax Revenue<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> </th> <th>Recurrent taxes on net wealth as % of Revenue<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </th></tr> <tr> <td><a href="/wiki/Colombia" title="Colombia">Colombia</a> </td> <td>67.788 </td> <td>0.025% </td></tr> <tr> <td><a href="/wiki/Italy" title="Italy">Italy</a> </td> <td>879.161 </td> <td>0.053% </td></tr> <tr> <td><a href="/wiki/Turkey" title="Turkey">Turkey</a> </td> <td>188.426 </td> <td>0.001% </td></tr> <tr> <td><a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a> </td> <td>31.448 </td> <td>7.032% </td></tr> <tr> <td><a href="/wiki/Switzerland" title="Switzerland">Switzerland</a> </td> <td>220 </td> <td>5.176% </td></tr> <tr> <td><a href="/wiki/Norway" title="Norway">Norway</a> </td> <td>256.732 </td> <td>1.396% </td></tr> <tr> <td><a href="/wiki/Spain" title="Spain">Spain</a> </td> <td>531.233 </td> <td>0.512% </td></tr> <tr> <td><a href="/wiki/Belgium" title="Belgium">Belgium</a> </td> <td>245.157 </td> <td>0.47% </td></tr> <tr> <td><a href="/wiki/Hungary" title="Hungary">Hungary</a> </td> <td>59.294 </td> <td>0.339% </td></tr> <tr> <td><a href="/wiki/France" title="France">France</a> </td> <td>1280.545 </td> <td>0.192% </td></tr> <tr> <td><a href="/wiki/Canada" title="Canada">Canada</a> </td> <td>710.527 </td> <td>0.058% </td></tr> <tr> <td><a href="/wiki/Germany" title="Germany">Germany</a> </td> <td>1602.874 </td> <td>0.109% </td></tr></tbody></table> <p>Estimates for a wealth tax's potential revenue in the United States vary. Several <a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">Democratic</a> presidential candidates in the 2020 election have proposed wealth tax plans. <a href="/wiki/Elizabeth_Warren" title="Elizabeth Warren">Elizabeth Warren</a>, for example, has proposed a wealth tax of 2% on <a href="/wiki/Net_wealth" class="mw-redirect" title="Net wealth">net wealth</a> above <span style="white-space: nowrap">$50 million</span> and 6% above <span style="white-space: nowrap">$1 billion</span>.<sup id="cite_ref-Warren2020_55-0" class="reference"><a href="#cite_note-Warren2020-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> The conservative-leaning nonprofit <a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a> estimates revenue generated by Senator Warren's proposal would total around <span style="white-space: nowrap">$2.6 trillion</span> over the next 10 years.<sup id="cite_ref-:12_56-0" class="reference"><a href="#cite_note-:12-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> Separate estimates from campaign advisors and economists <a href="/wiki/Emmanuel_Saez" title="Emmanuel Saez">Emmanuel Saez</a> and <a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a> put the revenue at about 1% of GDP per year, in alignment with USD revenue estimates.<sup id="cite_ref-:3_52-1" class="reference"><a href="#cite_note-:3-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:2_50-1" class="reference"><a href="#cite_note-:2-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> These estimates put Senator Warren's tax plan revenues at about <span style="white-space: nowrap">$200 billion</span> in 2020.<sup id="cite_ref-:12_56-1" class="reference"><a href="#cite_note-:12-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> The sum of United States tax revenues in 2018 were <span style="white-space: nowrap">$5 trillion</span> in 2018,<sup id="cite_ref-:0_51-2" class="reference"><a href="#cite_note-:0-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> meaning the tax collected by this plan would be equal to 4% of current tax revenues. Additionally, the Tax Foundation estimates 2020 presidential candidate Senator <a href="/wiki/Bernie_Sanders" title="Bernie Sanders">Bernie Sanders</a>' wealth tax plan<sup id="cite_ref-Bernie2020_57-0" class="reference"><a href="#cite_note-Bernie2020-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> would collect <span style="white-space: nowrap">$3.2 trillion</span> between 2020 and 2029.<sup id="cite_ref-:12_56-2" class="reference"><a href="#cite_note-:12-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p>Previous proposals for a wealth tax in the United States had already existed. <a href="/wiki/Eileen_Myles" title="Eileen Myles">Eileen Myles</a> proposed a net assets tax in her <a href="/wiki/Eileen_Myles#Politics_and_teaching" title="Eileen Myles">presidential campaign in 1992</a>,<sup id="cite_ref-Rothkopf_58-0" class="reference"><a href="#cite_note-Rothkopf-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> as did <a href="/wiki/Donald_Trump" title="Donald Trump">Donald Trump</a> during his <a href="/wiki/Donald_Trump_2000_presidential_campaign" title="Donald Trump 2000 presidential campaign">presidential campaign in 2000</a>.<sup id="cite_ref-CNNTrump_59-0" class="reference"><a href="#cite_note-CNNTrump-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> </p><p>A net wealth tax may also be designed to be revenue-neutral if it is used to broaden the tax base, stabilize the economy, and reduce individual income and other taxes. </p> <div class="mw-heading mw-heading2"><h2 id="Effect_on_investment">Effect on investment</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=20" title="Edit section: Effect on investment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A wealth tax serves as a <a href="https://en.wiktionary.org/wiki/negative_reinforcement" class="extiw" title="wiktionary:negative reinforcement">negative reinforcer</a> ("use it or lose it"), which incentivizes the productive use of assets (rather than letting assets accumulate without being used). According to University of Pennsylvania Law School professors David Shakow and Reed Shuldiner, "a wealth tax also taxes capital that is not productively employed. Thus, a wealth tax can be viewed as a tax on potential income from capital."<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> Net wealth taxes can complement rather than replace gift taxes, capital gains taxes, and inheritance taxes to increase administrability and the effectiveness of enforcement efforts. </p><p>In their article, "Investment Effects of Wealth Taxes Under Uncertainty and Irreversibility," Rainer Niemann and Caren Sureth-Sloane found that the effects of wealth taxation on investment mainly depends upon the tax method employed and the broadness of the wealth threshold for taxation.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> Niemann and Sureth-Sloane found that, "Broadening the wealth tax base tends to accelerate investment during high interest rate periods." Caren Sureth and Ralf Maiterth concluded that wealth tax revenues from entrepreneurs may decrease in the long term and the revenue from a wealth tax may be negative if the wealth taxation thresholds are too low.<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> </p><p>Saez and Zucman are two economists that worked on the "Ultra-Millionaire Tax" proposed by Senator <a href="/wiki/Elizabeth_Warren" title="Elizabeth Warren">Elizabeth Warren</a>. In their paper, "Progressive Wealth Taxation," they assert that a potential wealth tax in the United States needs necessary parameters to limit detrimental effects on investment.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> One parameter is a high wealth threshold to limit direct taxation on small business and entrepreneurship. The academic literature on the effects of wealth taxation on investment incentives are inconclusive in the United States; Saez and Zucman assert there are three reasons wealth taxes in European countries are weak comparisons to the United States when analyzing potential effects on investment. First, they claim <a href="/wiki/Tax_competition" title="Tax competition">tax competition</a> between European countries allows for individuals to avoid taxation by allocating assets to a different country. Reallocating assets to avoid taxation is more difficult in the United States because tax filings apply equally to United States citizens no matter the country of current residence.<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> Second, low exemption thresholds caused liquidity problems for some individuals who were on the lower end of wealth taxation thresholds. Third, they contend European wealth taxes need modernization and improved methods for systematic information gathering. </p><p>Saez and Zucman have also argued that a wealth tax with a high threshold, would have the benefit of mainly targeting individuals who have a high degree of liquid assets, circumventing the liquidity problem of small and medium sized businesses and less wealthy individuals. Moreover, they argue that such a tax would not necessarily reduce innovation since innovation is mostly done by young people who haven't acquired a big fortune yet.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> This must be seen in the context that most of the wealthiest people in the US are older than average. Additionally, they argue that large established businesses use some of their wealth to retain market power, reducing innovation and competition.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> Therefore, a wealth tax with a high tax payable threshold could potentially increase innovation. </p><p>Further proponents for a wealth tax claim it could have positive effects on investment in the United States. Some extremely wealthy people use their assets in unproductive ways.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> For example, an entrepreneur could generate much higher returns (though could conversely lose much more capital operating on leverage) than a wealthy individual with a conservative investment such as United States Treasury Bonds. </p><p>A wealth tax could lead to negative effects on investment, saving, and economic growth. In the article, "Economic effects of wealth taxation," Kyle Pomerleau states, "A wealth tax, even levied at an apparently low annual rate, places a significant burden on saving."<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> The degree of this impact on savings and investments is reliant on the openness of the United States economy. A wealth tax would shrink national saving and increase foreign ownership of assets. The potential decrease in national savings leads to a decrease in capital stock. An estimate from the Penn Wharton Budget Model indicates that if the revenue from the wealth tax proposed by Elizabeth Warren were used to finance non-productive government spending, GDP would decrease by 2.1 percent by 2050, capital stock would decrease by 6.5 percent, and wages would decrease by 2.3 percent.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> Some opponents also point out that redistribution through a wealth tax is an inherently counterintuitive way to foster economic growth. Richard Epstein, a senior fellow at the <a href="/wiki/Hoover_Institution" title="Hoover Institution">Hoover Institution</a>, contents, "The classical liberal approach wants to simplify taxation and reduce regulation to spur growth. Plain old growth is a much better social tonic that the toxic Warren Wealth Tax."<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criticisms">Criticisms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=21" title="Edit section: Criticisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are many arguments against the implementation of a wealth tax, including claims that a wealth tax would be unconstitutional (in the United States), that property would be too hard to value, and that wealth taxes would reduce the rate of innovation. </p> <div class="mw-heading mw-heading3"><h3 id="Capital_flight">Capital flight</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=22" title="Edit section: Capital flight"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A 2006 article in <i><a href="/wiki/The_Washington_Post" title="The Washington Post">The Washington Post</a></i> titled "Old Money, New Money Flee France and Its Wealth Tax" pointed out some of the harm caused by France's wealth tax. The article gave examples of how the tax caused <a href="/wiki/Capital_flight" title="Capital flight">capital flight</a>, <a href="/wiki/Brain_drain" class="mw-redirect" title="Brain drain">brain drain</a>, loss of jobs, and, ultimately, a net loss in tax revenue. Among other things, the article stated, "<a href="/wiki/%C3%89ric_Pichet" title="Éric Pichet">Éric Pichet</a>, author of a French tax guide, estimates the wealth tax earns the government about <span style="white-space: nowrap">$2.6 billion</span> a year but has cost the country more than <span style="white-space: nowrap">$125 billion</span> in capital flight since 1998."<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> </p><p>In fact the wealth tax named "Impôt sur les Grandes Fortunes" (IGF) ["tax on great wealth"] had been created in 1980, then suppressed in 1986 before finally being reintroduced in 1988 under the name “Impôt de Solidarité sur la Fortune” (ISF) <a href="/w/index.php?title=%22solidarity_tax_on_wealth%22&action=edit&redlink=1" class="new" title=""solidarity tax on wealth" (page does not exist)">"solidarity tax on wealth"</a>. In 1999 a new higher tax category was added which increased the money collected from 0.09% of GDP in 1990 to 0.16% in 2004. </p><p>For example, in 2003, 370 ISF’s accountables people left France and it continued to grow year by year except between 2010 and 2011 when the tax threshold has been raised and accountable people were discarded from it. This capital flight only decrease after 2015 and in 2017 when the French government announced that it will suppress this tax. After the reforms implementation, there were only 163 departures of wealth tax people in 2018.<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> The capital flight was one of the argument to reforms the wealth tax. After 2017, in the financial law of 2018, the new wealth tax was introduced with other tax reforms. The fiscal reform thus included a unique forfeit tax on saving, combined with the replacement of ISF by the IFI “Impôt sur la Fortune Immobilière” (IFI) which reduce the wealth tax to real-estate property only and finally a decrease of the corporate tax. This argument of capital flight takes its roots on an economic theory, the runoff theory. By decreasing the wealth tax, the wealth households are supposed to come back inside the country to invest and thus raised the GDP growth which will have effect on all the population by reducing unemployment and boost the economy. In France, the fiscal reform did not have the expected effects of runoff. In fact, the capital flight due to wealth tax household leaving only represented 0.3% and 0.5% of the total amount of money collected by the solidarity tax on wealth, between 2004 and 2015. On the other hand, this decrease of the wealth tax represented an income loss of 2.9 billion for the state.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> </p><p>In term of investment, there were fewer investments in real-estate from people accountable of wealth tax. However, this movement could be explained more by the increase in household income, the low level of interest rates on mortgage loans and the general dynamics of the real estate market than by a sale, on the part of wealthy households, of property subject to the IFI for the benefit of investments in transferable securities, therefore the result in investment on corporate are not significant. Moreover, the fiscal reform on wealth tax had an insignificant level at the macroeconomic level for the corporate funds. For example, in 2020 for the non-financial society, the part of listed and non-listed share has been lower from the average of the previous period 2001-2019. It is also hard to measure the effect on corporate investment because of the Covid-19 crises which caused a shut-down of the economy in 2020.<sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Valuation_issues">Valuation issues</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=23" title="Edit section: Valuation issues"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2012, the <i><a href="/wiki/Wall_Street_Journal" class="mw-redirect" title="Wall Street Journal">Wall Street Journal</a></i> wrote that: "the wealth tax has a fatal flaw: valuation. It has been estimated that 62% of the wealth of the top 1% is "non-financial" – i.e., vehicles, real estate, and (most importantly) private business. Private businesses account for nearly 40% of their wealth and are the largest single category." A particular issue for small business owners is that they cannot accurately value their private business until it is sold. Furthermore, business owners could easily make their businesses look much less valuable than they really are, through accounting, valuations and assumptions about the future. "Even the rich don't know exactly what they're worth in any given moment."<sup id="cite_ref-blogs.wsj.com_77-0" class="reference"><a href="#cite_note-blogs.wsj.com-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> </p><p>Examples of such fraud and malfeasance were revealed in 2013, when French budget minister <a href="/wiki/J%C3%A9r%C3%B4me_Cahuzac" title="Jérôme Cahuzac">Jérôme Cahuzac</a> was discovered shifting financial assets into Swiss bank accounts in order to avoid the wealth tax. After further investigation, a French finance ministry official said, "A number of government officials minimised their wealth, by negligence or with intent, but without exceeding 5–10 per cent of their real worth ... however, there are some who have deliberately tried to deceive the authorities."<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> Yet again, in October 2014, France's Finance chairman and President of the National Assembly, Gilles Carrez, was found to have avoided paying the French wealth tax (ISF) for three years by applying a 30 percent tax allowance on one of his homes. However, he had previously converted the home into an SCI, a private, limited company to be used for rental purposes. The 30 percent allowance does not apply to SCI holdings. Once this was revealed, Carrez declared, "if the tax authorities think that I should pay the wealth tax, I won't argue." Carrez is one of more than 60 French parliamentarians battling with the tax offices over 'dodgy' asset declarations.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> </p><p>Moreover, this problem of wealth devaluation is undermined by the administration itself. For example, in France in 1999, the government introduced the notion of “the measured application of the tax law”.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> But this application of the law is mostly reserved for the self-declared tax, like the wealth tax. It means that if there is a fraud in the declaration, there will be no sanction if the household concerned correct his mistake, even if it might have been done in purpose. This flexibility granted to self-declared taxes is indeed unequal. In fact the other tax that concerned most of the households, like income taxes, cannot be self-declared and this fraud flexibility benefits only to the richer household. More broadly, this self-declaration tax has developed what the sociologist Alexis Spire called “tax law domestication”, which enables the richest part of the population to employ fiscal specialists to optimize its declarations and minimize the amount of the wealth tax. Once again this creates an opportunity of optimization, as the flexibility in sanctions is unequally distributed in the tax spectrum and thus in the different parts of the population. </p> <div class="mw-heading mw-heading3"><h3 id="Social_effects">Social effects</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=24" title="Edit section: Social effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Opponents of wealth taxes have argued that there is "an undercurrent of envy in the campaign against extremes of wealth."<sup id="cite_ref-businessweek.com_81-0" class="reference"><a href="#cite_note-businessweek.com-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> Two <a href="/wiki/Yale_University" title="Yale University">Yale University</a>/<a href="/wiki/London_School_of_Economics" title="London School of Economics">London School of Economics</a> studies (2006, 2008) on relative income yielded results asserting that 50 percent of the public would prefer to earn less money, as long as they earned as much or more than their neighbor.<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> </p><p>Many analysts and scholars<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch"><span title="The material near this tag possibly uses too-vague attribution or weasel words. (February 2020)">who?</span></a></i>]</sup> assert that since wealth taxes are a form of direct asset collection, as well as double-taxation, they are antithetical to personal freedom and individual liberty. They further contend that free nations should have no business helping themselves arbitrarily to the personal belongings of any group of its citizens.<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> Further, these opponents may say wealth taxes place the authority of the government ahead of the rights of the individual, and ultimately undermine the concept of personal sovereignty. <i><a href="/wiki/The_Daily_Telegraph" title="The Daily Telegraph">The Daily Telegraph</a></i> editor Allister Heath critically described wealth taxes as Marxian in concept and ethically destructive to the values of democracies, "Taxing already acquired property drastically alters the relationship between citizen and state: we become leaseholders, rather than freeholders, with accumulated taxes over long periods of time eventually "returning" our wealth to the state. It breaches a key principle that has made this country great: the gradual expansion of property ownership and the democratisation of wealth."<sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Past_repeals">Past repeals</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=25" title="Edit section: Past repeals"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2004, a study by the Institut de l'enterprise investigated why several European countries were eliminating wealth taxes and made the following observations: 1. Wealth taxes contributed to capital drain, promoting the flight of capital as well as discouraging investors from coming in. 2. Wealth taxes had high management cost and relatively low returns. 3. Wealth taxes distorted resource allocation, particularly involving certain exemptions and unequal valuation of assets. In its summary, the institute found that the "wealth taxes were not as equitable as they appeared".<sup id="cite_ref-hluthafar.is_86-0" class="reference"><a href="#cite_note-hluthafar.is-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> </p><p>In a 2011 study, the <a href="/wiki/London_School_of_Economics" title="London School of Economics">London School of Economics</a> examined wealth taxes that were being considered by the Labour party in the United Kingdom between 1974 and 1976 but were ultimately abandoned. The findings of the study revealed that the British evaluated similar programs in other countries and determined that the Spanish wealth tax may have contributed to a banking crisis and the French wealth tax had been undergoing review by its government for being unpopular and overly complex. As efforts progressed, concerns were developing over the practicality and implementation of wealth taxes as well as worry that they would undermine confidence in the British economy. Eventually, plans were dropped. Former British Chancellor <a href="/wiki/Denis_Healey" title="Denis Healey">Denis Healey</a> concluded that attempting to implement wealth taxes was a mistake, "We had committed ourselves to a Wealth Tax: but in five years I found it impossible to draft one which would yield enough revenue to be worth the administrative cost and political hassle." The conclusion of the study stated that there were lingering questions, such as the impacts on personal saving and small business investment, consequences of capital flight, complexity of implementation, and ability to raise predicted revenues that must be adequately addressed before further consideration of wealth taxes.<sup id="cite_ref-eprints.lse.ac.uk_87-0" class="reference"><a href="#cite_note-eprints.lse.ac.uk-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Legal_impediments">Legal impediments</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=26" title="Edit section: Legal impediments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=27" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <dl><dd><i>See also</i> <a href="/wiki/Pollock_v._Farmers%27_Loan_%26_Trust_Co." title="Pollock v. Farmers' Loan & Trust Co.">Pollock v. Farmers' Loan & Trust Co.</a>; <i><a href="/wiki/Sixteenth_Amendment_to_the_United_States_Constitution" title="Sixteenth Amendment to the United States Constitution">Sixteenth Amendment to the United States Constitution</a></i></dd></dl> <p>In part because a wealth tax has never been implemented in the United States, there is no legal consensus about its constitutionality. As evidenced below, much scholarly debate on the topic hinges on whether or not such a tax is understood to be a "direct tax," per Article 1, Section 9 of the Constitution, which requires that the burden of "direct taxes" be apportioned across the states by their population. </p><p>Barry L. Isaacs interprets current case law in the United States to hold that a wealth tax is a direct tax under Article 1, Section 9.<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup> Given the extreme difficulty of apportioning a wealth tax by state population, the implementation of a wealth tax in the United States would require either a constitutional amendment or the overturning of current case law.<sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> Unlike federal wealth taxes, states and localities are not bound by Article 1, Section 9, which is why they are able to levy taxes on real estate.<sup id="cite_ref-YglesiasWealth_91-0" class="reference"><a href="#cite_note-YglesiasWealth-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> </p><p>Other legal scholars have argued that a wealth tax does not represent a direct tax and that such a tax could be implemented in the United States without a constitutional amendment. In a lengthy essay from 2018, authors in the <i>Indiana Journal of Law</i> argued that "... the belief that the U.S. Constitution effectively makes a national wealth tax impossible ... is wrong."<sup id="cite_ref-:1_92-0" class="reference"><a href="#cite_note-:1-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 112">: 112 </span></sup> The authors noted that in the 1796 Supreme Court decision for <i><a href="/wiki/Hylton_v._United_States" title="Hylton v. United States">Hylton v. United States</a></i>, Supreme Court justices who had personally taken part in the creation of the U.S. Constitution "unanimously rejected a challenge to the constitutionality of an annual tax on carriages, a tax akin to a national wealth tax in that it taxed a luxury property."<sup id="cite_ref-:1_92-1" class="reference"><a href="#cite_note-:1-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 114">: 114 </span></sup> However, Alexander Hamilton, who supported the carriage tax, told the Supreme Court that it was constitutional because it was an "excise tax", not a direct tax. Hamilton's brief defines direct taxes as "Capitation or poll taxes, taxes on lands and buildings, general assessments, whether on the whole property of individuals or on their whole real or personal estate" which would include the wealth tax.<sup id="cite_ref-feldman_93-0" class="reference"><a href="#cite_note-feldman-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> Tax scholars have repeatedly noted that the critical difference between income taxes and wealth taxes, the realization requirement, is a matter of administrative convenience, not a constitutional requirement.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2019)">citation needed</span></a></i>]</sup> </p><p>To prevent capital flight, proponents of wealth taxes have argued for the implementation of a one-time exit tax on high net worth individuals who renounce their citizenship and leave the country.<sup id="cite_ref-94" class="reference"><a href="#cite_note-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> An additional constitutional objection to such a tax could be raised on the grounds that it violates the takings clause of the <a href="/wiki/Fifth_Amendment_to_the_United_States_Constitution" title="Fifth Amendment to the United States Constitution">Fifth Amendment</a>, which prohibits the federal government from taking private property for public use without just compensation.<sup id="cite_ref-95" class="reference"><a href="#cite_note-95"><span class="cite-bracket">[</span>95<span class="cite-bracket">]</span></a></sup> </p><p>In 2023, <a href="/wiki/Texas" title="Texas">Texas</a> voters <a href="/wiki/2023_Texas_constitutional_amendment_election" title="2023 Texas constitutional amendment election">approved</a> a constitutional amendment prohibiting state lawmakers from imposing a wealth tax.<sup id="cite_ref-96" class="reference"><a href="#cite_note-96"><span class="cite-bracket">[</span>96<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-97" class="reference"><a href="#cite_note-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-98" class="reference"><a href="#cite_note-98"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Germany_2">Germany</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=28" title="Edit section: Germany"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Federal_Constitutional_Court_of_Germany" class="mw-redirect" title="Federal Constitutional Court of Germany">Federal Constitutional Court of Germany</a> in Karlsruhe found that wealth taxes "would need to be confiscatory in order to bring about any real redistribution". In addition, the court held that the sum of wealth tax and income tax should not be greater than half of a taxpayer's income. "The tax thus gives rise to a dilemma: either it is ineffective in fighting inequalities, or it is confiscatory – and it is for that reason that the Germans chose to eliminate it." Thus, finding such wealth taxes unconstitutional in 1995.<sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">[</span>99<span class="cite-bracket">]</span></a></sup> In 2006, the Constitutional Court revised this decision on the so-called "Halbteilungsgrundsatz", stating that "From the property guarantee of the Basic Law, no generally binding absolute upper limit of taxation in the vicinity of a half division can be derived."<sup id="cite_ref-100" class="reference"><a href="#cite_note-100"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=29" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 30em;"> <ul><li><a href="/wiki/Ad_valorem_tax" title="Ad valorem tax"><i>Ad valorem</i> tax</a></li> <li><i><a href="/wiki/Capital_in_the_Twenty-First_Century" title="Capital in the Twenty-First Century">Capital in the Twenty-First Century</a></i></li> <li><a href="/wiki/Capital_levy" title="Capital levy">Capital levy</a> (a one-off wealth tax)</li> <li><a href="/wiki/Economic_inequality#Environment" title="Economic inequality">Economic inequality#Environment</a>; addressing <a href="/wiki/Human_overpopulation" title="Human overpopulation">human overpopulation</a> having similar effects to decrease wealth gap</li> <li><a href="/wiki/Endowment_tax" title="Endowment tax">Endowment tax</a></li> <li><a href="/wiki/Global_minimum_tax_on_billionaires" title="Global minimum tax on billionaires">Global minimum tax on billionaires</a></li> <li><a href="/wiki/Inheritance_tax" title="Inheritance tax">Inheritance tax</a></li> <li><a href="/wiki/Land_value_tax" title="Land value tax">Land value tax</a></li> <li><a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></li> <li><a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a></li> <li><a href="/wiki/Progressive_tax" title="Progressive tax">Progressive tax</a></li> <li><a href="/wiki/Property_tax" title="Property tax">Property tax</a></li> <li><a href="/wiki/Redistribution_of_income_and_wealth" title="Redistribution of income and wealth">Redistribution of income and wealth</a></li> <li><a href="/wiki/Tax_exporting" title="Tax exporting">Tax exporting</a></li> <li><a href="/wiki/Wealth_concentration" class="mw-redirect" title="Wealth concentration">Wealth concentration</a></li> <li><a href="/wiki/Wealth_inequality_in_the_United_States" title="Wealth inequality in the United States">Wealth inequality in the United States</a></li> <li><a href="/wiki/Welfare_state" title="Welfare state">Welfare state</a></li> <li><a href="/wiki/World_taxation_system" title="World taxation system">World taxation system</a></li> <li><a href="/wiki/Zakat" title="Zakat">Zakat</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=30" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-EWBR2-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-EWBR2_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-EWBR2_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Edward N. Wolff, "Time for a Wealth Tax?", <a rel="nofollow" class="external text" href="http://bostonreview.net/BR21.1/wolff.html"><i>Boston Review</i>, Feb–Mar 1996 (recommending a net wealth tax for the US of 0.05% for the first $100,000 in assets to 0.3% for assets over $1,000,000</a></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://stats.oecd.org/Index.aspx?DataSetCode=RS_GBL">"Global Revenue Statistics Database"</a>.</cite><span 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Rev.</i> 23</span> </li> <li id="cite_note-89"><span class="mw-cite-backlink"><b><a href="#cite_ref-89">^</a></b></span> <span class="reference-text">See, for example, the United States Supreme Court case of <i>Fernandez v. Wiener</i>, in which the Court stated that a direct tax is a tax "which falls upon the owner merely because he is owner, regardless of his use or disposition of the property." <i>Fernandez v. Wiener</i>, 326 U.S. 340, 66 S. Ct. 178, 45–2 U.S. Tax Cas. (CCH) ¶10,239 (1945).</span> </li> <li id="cite_note-90"><span class="mw-cite-backlink"><b><a href="#cite_ref-90">^</a></b></span> <span class="reference-text">Jensen, Erik M. (2004) <a rel="nofollow" class="external text" href="http://heinonline.org/HOL/LandingPage?collection=journals&handle=hein.journals/ccum21&div=22&id=&page=">"Interpreting the Sixteenth Amendment (By Way of the Direct-Tax Clauses)"</a> <b>21</b> <i>Const. 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Retrieved <span class="nowrap">March 2,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Texas+Tribune&rft.atitle=Taxes%2C+state+parks%2C+infrastructure%3A+What+you+need+to+know+about+the+Nov.+7+constitutional+amendments+election&rft.date=2023-09-15&rft.aulast=M%C3%A9ndez&rft.aufirst=Mar%C3%ADa&rft.au=Schumacher%2C+Yuriko&rft_id=https%3A%2F%2Fwww.texastribune.org%2F2023%2F09%2F15%2Ftexas-constitutional-amendment-voter-guide%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWealth+tax" class="Z3988"></span></span> </li> <li id="cite_note-99"><span class="mw-cite-backlink"><b><a href="#cite_ref-99">^</a></b></span> <span class="reference-text"><i>Economist</i>. <a rel="nofollow" class="external text" href="http://www.economist.com/node/21562237">Umfairteilung, Economist</a>, September 8, 2012</span> </li> <li id="cite_note-100"><span class="mw-cite-backlink"><b><a href="#cite_ref-100">^</a></b></span> <span class="reference-text"><i>Der Spiegel</i>. <a rel="nofollow" class="external text" href="https://www.spiegel.de/wirtschaft/verfassungsgericht-staat-darf-ueber-50-prozent-steuern-kassieren-a-406416.html">Staat darf über 50 Prozent Steuern kassieren</a>, March 16, 2006</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_tax&action=edit&section=31" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Alexandra Thornton and Galen Hendricks, <i>Ending Special Tax Treatment for the Very Wealthy</i>, <a href="/wiki/Center_for_American_Progress" title="Center for American Progress">Center for American Progress</a>, 4 June 2019. <a rel="nofollow" class="external text" href="https://www.americanprogress.org/issues/economy/reports/2019/06/04/470621/ending-special-tax-treatment-wealthy/">Ending Special Tax Treatment for the Very Wealthy</a> The report summarizes the problem (gross inequality) and its cause ("special tax treatment for the [extremely rich]"), and specific "ways to rebalance the <a href="/wiki/Tax_code" class="mw-redirect" title="Tax code">tax code</a> and put the <a href="/wiki/Economy" title="Economy">economy</a> on a better track."</li> <li>Scheuer, Florian; <a href="/wiki/Slemrod,_Joel" class="mw-redirect" title="Slemrod, Joel">Slemrod, Joel</a> (August 2, 2020). "<a rel="nofollow" class="external text" href="https://www.annualreviews.org/doi/full/10.1146/annurev-economics-081919-115106">Taxation and the Superrich</a>". <i>Annual Review of Economics</i>. 12 (1): 189–211.</li> <li>Scheuer, Florian; Slemrod, Joel. 2021. "<a rel="nofollow" class="external text" href="https://www.aeaweb.org/articles?id=10.1257/jep.35.1.207">Taxing Our Wealth</a>." Journal of Economic Perspectives.</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output 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title="Economic inequality">Economic inequality</a> <ul><li><a href="/wiki/Wealth_distribution" class="mw-redirect" title="Wealth distribution">Wealth distribution</a></li> <li><a href="/wiki/Income_distribution" title="Income distribution">Income distribution</a></li> <li><a href="/wiki/Consumption_distribution" title="Consumption distribution">Consumption distribution</a></li> <li><a href="/wiki/History_of_economic_inequality" title="History of economic inequality">History of economic inequality</a></li></ul></li> <li><a href="/wiki/International_inequality" title="International inequality">International inequality</a></li> <li><a href="/wiki/Elite" title="Elite">Elite</a></li> <li><a href="/wiki/Oligarchy" title="Oligarchy">Oligarchy</a></li> <li><a href="/wiki/Overclass" title="Overclass">Overclass</a></li> <li><a href="/wiki/Plutocracy" title="Plutocracy">Plutocracy</a></li> <li><a href="/wiki/Plutonomy" title="Plutonomy">Plutonomy</a></li> <li><a href="/wiki/Broligarchy" title="Broligarchy">Broligarchy</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation of capital</a></li> <li><a href="/wiki/Upper_class" title="Upper class">Upper class</a> <ul><li><a href="/wiki/Nouveau_riche" title="Nouveau riche"><i>Nouveau riche</i> <wbr />(new money)</a></li> <li><a href="/wiki/Old_money" title="Old money"><i>Vieux riche</i> <wbr />(old money)</a></li></ul></li> <li><a href="/wiki/Luxury_goods" title="Luxury goods">Luxury goods</a> <ul><li><a href="/wiki/Veblen_good" title="Veblen good">Veblen goods</a> <ul><li><a href="/wiki/Conspicuous_consumption" title="Conspicuous consumption">Conspicuous consumption</a></li> <li><a href="/wiki/Conspicuous_leisure" title="Conspicuous leisure">Conspicuous leisure</a> <ul><li><a href="/wiki/Luxury_beliefs" class="mw-redirect" title="Luxury beliefs">Luxury beliefs</a></li></ul></li></ul></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">People</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Billionaire" title="Billionaire">Billionaire</a></li> <li><a href="/wiki/Captain_of_industry" title="Captain of industry">Captain of industry</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individual</a> <ul><li><a href="/wiki/Ultra_high-net-worth_individual" class="mw-redirect" title="Ultra high-net-worth individual">UHNWI</a></li></ul></li> <li><a href="/wiki/Magnate" title="Magnate">Magnate</a> <ul><li><a href="/wiki/Business_magnate" title="Business magnate">Business</a></li></ul></li> <li><a href="/wiki/Millionaire" title="Millionaire">Millionaire</a></li> <li><a href="/wiki/Oligarchy" title="Oligarchy">Oligarch</a> <ul><li><a href="/wiki/Business_oligarch" title="Business oligarch">Business</a></li> <li><a href="/wiki/Russian_oligarchs" title="Russian oligarchs">Russian</a></li> <li><a href="/wiki/Ukrainian_oligarchs" title="Ukrainian oligarchs">Ukrainian</a></li></ul></li> <li><a href="/wiki/Robber_baron_(industrialist)" title="Robber baron (industrialist)">Robber baron</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Wealth" title="Wealth">Wealth</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Wealth_concentration" class="mw-redirect" title="Wealth concentration">Concentration</a></li> <li><a href="/wiki/Distribution_of_wealth" title="Distribution of wealth">Distribution</a></li> <li><a href="/wiki/Dynastic_wealth" class="mw-redirect" title="Dynastic wealth">Dynastic</a></li> <li><a href="/wiki/Wealth_effect" title="Wealth effect">Effect</a></li> <li><a href="/wiki/Geography_and_wealth" title="Geography and wealth">Geography</a></li> <li><a href="/wiki/Inheritance" title="Inheritance">Inherited</a></li> <li><a href="/wiki/Wealth_management" title="Wealth management">Management</a></li> <li><a href="/wiki/National_wealth" class="mw-redirect" title="National wealth">National</a></li> <li><a href="/wiki/Paper_wealth" title="Paper wealth">Paper</a></li> <li><a href="/wiki/Wealth_and_religion" title="Wealth and religion">Religion</a></li> <li><a class="mw-selflink selflink">Tax</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Lists_of_people_by_net_worth" title="Lists of people by net worth">People</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/The_World%27s_Billionaires" title="The World's Billionaires"><i>Forbes</i> list of billionaires</a></li> <li><a href="/wiki/List_of_centibillionaires" title="List of centibillionaires">List of centibillionaires</a></li> <li><a href="/wiki/List_of_female_billionaires" title="List of female billionaires">Female billionaires</a></li> <li><a href="/wiki/List_of_royalty_by_net_worth" title="List of royalty by net worth">Richest royals</a></li> <li><a href="/wiki/List_of_richest_Americans_in_history" title="List of richest Americans in history">Wealthiest Americans</a></li> <li><a href="/wiki/List_of_wealthiest_families" title="List of wealthiest families">Wealthiest families</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_wealthiest_organizations" class="mw-redirect" title="List of wealthiest organizations">Organizations</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_largest_companies_by_revenue" title="List of largest companies by revenue">Largest companies by revenue</a></li> <li><a href="/wiki/List_of_largest_corporate_profits_and_losses" title="List of largest corporate profits and losses">Largest corporate profits and losses</a></li> <li><a href="/wiki/List_of_public_corporations_by_market_capitalization" title="List of public corporations by market capitalization">Largest corporations by market capitalization</a></li> <li><a href="/wiki/List_of_largest_financial_services_companies_by_revenue" title="List of largest financial services companies by revenue">Largest financial services companies by revenue</a></li> <li><a href="/wiki/List_of_largest_manufacturing_companies_by_revenue" title="List of largest manufacturing companies by revenue">Largest manufacturing companies by revenue</a></li> <li><a href="/wiki/List_of_the_largest_software_companies" title="List of the largest software companies">Largest software companies by revenue</a></li> <li><a href="/wiki/List_of_largest_technology_companies_by_revenue" title="List of largest technology companies by revenue">Largest technology companies by revenue</a></li> <li><a href="/wiki/List_of_wealthiest_charitable_foundations" title="List of wealthiest charitable foundations">Charities</a> <ul><li><a href="/wiki/List_of_philanthropists" title="List of philanthropists">Philanthropists</a></li></ul></li> <li>Universities <ul><li><a href="/wiki/Lists_of_institutions_of_higher_education_by_endowment_size" title="Lists of institutions of higher education by endowment size">Endowment size</a></li> <li><a href="/wiki/List_of_universities_by_number_of_billionaire_alumni" title="List of universities by number of billionaire alumni">Number of billionaire alumni</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_cities_by_number_of_billionaires" title="List of cities by number of billionaires">Cities by number of billionaires</a></li> <li><a href="/wiki/List_of_countries_by_the_number_of_billionaires" class="mw-redirect" title="List of countries by the number of billionaires">Countries by number of billionaires</a></li> <li><a href="/wiki/List_of_countries_by_total_wealth" title="List of countries by total wealth">Countries by total wealth</a></li> <li><a href="/wiki/List_of_sovereign_states_by_wealth_inequality" title="List of sovereign states by wealth inequality">Countries by wealth inequality</a></li> <li><a href="/wiki/Wealth_inequality_in_the_United_States" title="Wealth inequality in the United States">Wealth inequality in the United States</a></li> <li><a href="/wiki/Income_inequality_in_the_United_States" title="Income inequality in the United States">Income inequality in the United States</a></li> <li><a href="/wiki/Lists_of_most_expensive_items_by_category" title="Lists of most expensive items by category">Most expensive items</a> <ul><li><a href="/wiki/Category:Lists_of_most_expensive_things" title="Category:Lists of most expensive things">by category</a></li></ul></li> <li><a href="/wiki/List_of_wealthiest_animals" title="List of wealthiest animals">Wealthiest animals</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Diseases_of_affluence" title="Diseases of affluence">Diseases of affluence</a> <ul><li><a href="/wiki/Affluenza" title="Affluenza">Affluenza</a></li> <li><a href="/wiki/Narcissism#Celebrity_narcissism" title="Narcissism">Acquired situational narcissism</a></li></ul></li> <li><i><a href="/wiki/Argumentum_ad_crumenam" title="Argumentum ad crumenam">Argumentum ad crumenam</a></i></li> <li><a href="/wiki/Prosperity_theology" title="Prosperity theology">Prosperity theology</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Philanthropy" title="Philanthropy">Philanthropy</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/The_Gospel_of_Wealth" title="The Gospel of Wealth">Gospel of Wealth</a></li> <li><a href="/wiki/The_Giving_Pledge" title="The Giving Pledge">The Giving Pledge</a></li> <li><a href="/wiki/Philanthrocapitalism" title="Philanthrocapitalism">Philanthrocapitalism</a></li> <li><a href="/wiki/Venture_philanthropy" title="Venture philanthropy">Venture philanthropy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Sayings</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/The_rich_get_richer_and_the_poor_get_poorer" title="The rich get richer and the poor get poorer">The rich get richer and the poor get poorer</a></li> <li><a href="/wiki/Socialism_for_the_rich_and_capitalism_for_the_poor" title="Socialism for the rich and capitalism for the poor">Socialism for the rich and capitalism for the poor</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Media</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a></i></li> <li><a href="/wiki/Plutus_(play)" title="Plutus (play)"><i>Plutus</i></a> <ul><li><a href="/wiki/Plutus" title="Plutus">Greek god of wealth</a></li></ul></li> <li><a href="/wiki/Superclass_(book)" title="Superclass (book)"><i>Superclass</i></a> <ul><li><a href="/wiki/The_Superclass_List" title="The Superclass List">List</a></li></ul></li> <li><i><a href="/wiki/The_Theory_of_the_Leisure_Class" title="The Theory of the Leisure Class">The Theory of the Leisure Class</a></i></li> <li><a href="/wiki/Wealth_(film)" title="Wealth (film)"><i>Wealth</i></a></li> <li><i><a href="/wiki/The_Wealth_of_Nations" title="The Wealth of Nations">The Wealth of Nations</a></i></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Category:Wealth" title="Category:Wealth">Category</a> <ul><li><a href="/wiki/Category:Wealth_by_country" title="Category:Wealth by country">by country</a></li></ul></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q967719#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata598" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q967719#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata598" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q967719#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group 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