{"title":"Quantitative analysis of a wealth tax for the United States: Exclusions and expenditures","authors":"Rachel Moore, Brandon Pecoraro","doi":"10.1016/j.jmacro.2023.103559","DOIUrl":null,"url":null,"abstract":"<div><p><span>We use a quantitative overlapping generations model with endogenous tax avoidance and rich tax detail to analyze two major issues in the design of a </span>wealth<span> tax for the United States: the provision of exclusions for certain housing and business equity, and the range of government expenditure<span> options allowed for by additional revenues. First, we find that while the exclusion for owner-occupied housing results in quantitatively insignificant macroeconomic and budgetary effects, the exclusion for privately-held noncorporate business equity results in a shift of productive activity towards that sector which can significantly undermine the revenue-raising potential of the tax. Second, we find that the macroeconomic effects of a given wealth tax regime can vary in magnitudes of contraction or expansion depending on the type of expenditures that are assumed to be financed by the additional revenues.</span></span></p></div>","PeriodicalId":1,"journal":{"name":"Accounts of Chemical Research","volume":null,"pages":null},"PeriodicalIF":16.4000,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounts of Chemical Research","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0164070423000599","RegionNum":1,"RegionCategory":"化学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"CHEMISTRY, MULTIDISCIPLINARY","Score":null,"Total":0}
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Abstract
We use a quantitative overlapping generations model with endogenous tax avoidance and rich tax detail to analyze two major issues in the design of a wealth tax for the United States: the provision of exclusions for certain housing and business equity, and the range of government expenditure options allowed for by additional revenues. First, we find that while the exclusion for owner-occupied housing results in quantitatively insignificant macroeconomic and budgetary effects, the exclusion for privately-held noncorporate business equity results in a shift of productive activity towards that sector which can significantly undermine the revenue-raising potential of the tax. Second, we find that the macroeconomic effects of a given wealth tax regime can vary in magnitudes of contraction or expansion depending on the type of expenditures that are assumed to be financed by the additional revenues.
期刊介绍：
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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