Summers, Andy (2021) Ways of taxing wealth : alternatives and interactions. Fiscal Studies, 42 (3-4). pp. 485-507. doi:10.1111/1475-5890.12285 ISSN 0143-5671.

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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:	Journal Article
Subjects:	H Social Sciences > HJ Public Finance H Social Sciences > HX Socialism. Communism. Anarchism
Divisions:	Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH):	Wealth tax , Capital gains tax , Income tax , Inheritance and transfer tax , Fiscal policy
Journal or Publication Title:	Fiscal Studies
Publisher:	Wiley-Blackwell Publishing, Inc
ISSN:	0143-5671
Official Date:	25 October 2021
Dates:	Date Event 25 October 2021 Published
Volume:	42
Number:	3-4
Page Range:	pp. 485-507
DOI:	10.1111/1475-5890.12285
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Open Access (Creative Commons)
Date of first compliant deposit:	16 August 2022
Date of first compliant Open Access:	24 August 2022
RIOXX Funder/Project Grant:	Project/Grant ID RIOXX Funder Name Funder ID ES/L011719/1 [ESRC] Economic and Social Research Council http://dx.doi.org/10.13039/501100000269 ES/V012657/1 [ESRC] Economic and Social Research Council http://dx.doi.org/10.13039/501100000269 AFSEE COVID-19 fund London School of Economics and Political Science http://dx.doi.org/10.13039/100011326

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