This article examines the distribution of wealth and theories justifying both the acquisition of great wealth and limitations on it. Discusses the estate tax, its economic effects and effectiveness in equalizing the distribution of wealth. Concludes that it has been very ineffective and that...

The line between normative and positive economic analysis is, supposedly, a sharp one. The former allows for value judgments, the latter does not. This distinction is mentioned in all basic texts in our profession, and in all introductory courses. Then, all too often, such as in the present...

Presidential candidates Elizabeth Warren and Bernie Sanders have both proposed ambitious new annual wealth taxes based on academic work by Emmanuel Saez and Gabriel Zucman. They project these proposals to raise trillions of dollars over the next ten years. Some critics challenge the Saez-Zucman...

Several countries have recently abolished or significantly reduced their taxes on bequests. Bequest taxes, on the other hand, were among the first to be introduced when modern systems of taxation were developed at the end of the nineteenth century. We propose an explanation for these facts which...

Tax reforms are crucial to promoting inclusive growth in India. The replacement of a myriad of consumption taxes by a Goods and Services Tax (GST) will boost India's competitiveness, investment, job creation and tax compliance. The potential to raise additional revenue from taxes on goods and...

The rising importance of bequests as a source of personal income lead to renewed interest in the taxation of wealth transfers. Empirical evidence on distortionary effects of bequest taxation is relatively scarce. On the basis of administrative data for Germany, this paper assesses the extent to...

A large literature has compared the efficiency properties of income and consumption tax bases. Its general conclusion is that a consumption base dominates an income base, except to the extent that practical compliance and administrative problems create opportunities for avoidance and evasion...

Wealth is very unequally distributed in Germany. To effect a long-term reduction, the new Federal Government could focus on more effectively promoting home ownership, supplementary retirement provision, and other precautionary savings. However, a universal capital endowment could decrease wealth...