Behavioral responses to wealth taxes evidence from Switzerland Marius Brülhart, Jonathan Gruber, Matthias Krapf and Kurt Schmidheiny
Contributor(s): Brülhar, Marius
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ArticleSubject(s): RIQUEZA | IMPUESTOS | IMPUESTO SOBRE EL PATRIMONIO | ASPECTOS PSICOLÓGICOS | ETICA FISCAL | SUIZA
In:
American Economic Journal : Economic Policy v. 14, n. 4, November 2022, p. 111-150Summary: We study how declared wealth responds to changes in wealth tax rates. Exploiting rich intranational variation in Switzerland, we find a 1 percentage point drop in a canton's wealth tax rate raises reported taxable wealth by at least 43 percent after 6 years. Administrative tax records of two cantons with quasi-randomly assigned differential tax reforms suggest that 24 percent of the effect arises from taxpayer mobility and 21 percent from a concurrent rise in housing prices. Savings responses appear unable to explain more than a small fraction of the remainder, suggesting sizable evasion responses in this setting with no third-party reporting of financial wealth.
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| OP 2135/2022/3 American Economic Journal : Economic Policy | OP 2135/2022/3-1 Gini and optimal income taxation by rank | OP 2135/2022/4 American Economic Journal : Economic Policy | OP 2135/2022/4-1 Behavioral responses to wealth taxes | OP 2135/2022/4-2 Your place in the world | OP 2135/2022/4-3 Multinationals' sales and profit shifting in tax havens | OP 2135/2022/4-4 Health care rationing in public insurance programs |
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We study how declared wealth responds to changes in wealth tax rates. Exploiting rich intranational variation in Switzerland, we find a 1 percentage point drop in a canton's wealth tax rate raises reported taxable wealth by at least 43 percent after 6 years. Administrative tax records of two cantons with quasi-randomly assigned differential tax reforms suggest that 24 percent of the effect arises from taxpayer mobility and 21 percent from a concurrent rise in housing prices. Savings responses appear unable to explain more than a small fraction of the remainder, suggesting sizable evasion responses in this setting with no third-party reporting of financial wealth.
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