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Ways of taxing wealth: alternatives and interactions

Summers, Andrew ORCID: 0000-0002-4978-7743 (2021) Ways of taxing wealth: alternatives and interactions. Fiscal Studies, 42 (3-4). 485 - 507. ISSN 0143-5671

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Identification Number: 10.1111/1475-5890.12285

Abstract

In this paper, I examine the role of a wealth tax in the context of the UK's existing taxes on wealth. First, I discuss several ways in which the UK could be said to tax wealth already, and I set out two possible directions for reforming these taxes, highlighting policies that are merited under either approach. Second, I consider whether and under what circumstances a broad-based tax on the ownership of wealth – a ‘wealth tax’ – could be justified instead of or in addition to these reforms. Third, I address how a wealth tax should interact with other taxes, focusing on concerns regarding ‘double taxation’ and (conversely) proposals for an alternative minimum tax based on wealth. I conclude that there is a large degree of consensus amongst existing proposals to reform our current taxes on wealth, and that most of these reforms would be required whether or not a wealth tax is introduced as well.

Item Type: Article
Official URL: https://onlinelibrary.wiley.com/journal/14755890
Additional Information: © 2021 The Author
Divisions: Law
Subjects: H Social Sciences > HJ Public Finance
JEL classification: H - Public Economics > H2 - Taxation, Subsidies, and Revenue > H20 - General
H - Public Economics > H2 - Taxation, Subsidies, and Revenue > H24 - Personal Income and Other Nonbusiness Taxes and Subsidies
H - Public Economics > H2 - Taxation, Subsidies, and Revenue > H26 - Tax Evasion
K - Law and Economics > K3 - Other Substantive Areas of Law > K34 - Tax Law
Date Deposited: 07 Sep 2021 15:48
Last Modified: 11 Jan 2022 15:21
URI: http://eprints.lse.ac.uk/id/eprint/111867

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