Taxing Billionaires: Estate Taxes and the Geographical Location of the Ultra-Wealthy

IF 5.6 1区经济学 Q1 ECONOMICS

American Economic Journal-Economic Policy Pub Date : 2023-05-01 DOI:10.1257/pol.20200685

Enrico Moretti, Daniel J. Wilson

引用次数: 1

Abstract

We contribute to the literature on the effect of taxes on the locational choices of wealthy individuals by examining the geographical sensitivity of the Forbes 400 richest Americans to state estate taxes. Though we find billionaires’ effective tax rates are only about half the statutory rate, their residential choices are highly sensitive to these taxes, as 35 percent of local billionaires leave states with an estate tax. This tax-induced mobility causes a large reduction in the aggregate tax base. Nonetheless, we find that the revenue benefit of an estate tax exceeds the cost for the vast majority of states. (JEL H24, H31, H71, R23)

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向亿万富翁征税:遗产税和超级富豪的地理位置

我们通过研究福布斯400位最富有的美国人对州遗产税的地理敏感性，为税收对富人选择地点的影响的文献做出贡献。虽然我们发现亿万富翁的实际税率只有法定税率的一半左右，但他们的居住选择对这些税收非常敏感，因为35%的当地亿万富翁离开了征收遗产税的州。这种由税收引起的流动性导致了总税基的大幅减少。尽管如此，我们发现，对绝大多数州来说，遗产税的收入收益超过了成本。(凝胶h24, h31, h71, r23)

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来源期刊

American Economic Journal-Economic Policy ECONOMICS-

CiteScore

8.20

自引率

1.90%

发文量

期刊介绍： The American Economic Review (AER) is a general-interest economics journal. The journal publishes 12 issues containing articles on a broad range of topics. Established in 1911, the AER is among the nation's oldest and most respected scholarly journals in economics. American Economic Journal: Economic Policy publishes papers covering a range of topics, the common theme being the role of economic policy in economic outcomes. Subject areas include public economics; urban and regional economics; public policy aspects of health, education, welfare and political institutions; law and economics; economic regulation; and environmental and natural resource economics.