Guvenen, Fatih; Kambourov, Gueorgui; Kuruşçu, Burhanettin - 2022 - This draft: December, 2022
How does wealth taxation differ from capital income taxation? When the return on investment is equal across individuals, a well-known result is that the two tax systems are equivalent. Motivated by recent empirical evidence documenting persistent return heterogeneity, we revisit this question....
