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Why were most wealth taxes abandoned and is this time different?
Author(s) -
Perret Sarah
Publication year - 2021
Publication title -
fiscal studies
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.63
H-Index - 40
eISSN - 1475-5890
pISSN - 0143-5671
DOI - 10.1111/1475-5890.12278
Subject(s) - repeal , economics , revenue , public economics , inequality , tax policy , tax revenue , tax deferral , economic policy , tax reform , finance , state income tax , political science , law , mathematical analysis , gross income , mathematics
Abstract Wealth taxes are increasingly being considered as an option in policy and academic circles to collect additional revenue and address inequality. One objection that is often raised, however, is that they seem to have failed in countries that tried them, with most OECD countries abandoning their wealth taxes in recent decades. This paper gives an overview of OECD countries’ experiences with wealth taxes and explores the different factors that have led to their repeal in most countries. The paper also discusses whether the situation might be different today and what the implications for tax policy might be.