Taxing billionaires estate taxes and the geographical location of the ultra-wealthy by Enrico Moretti and Daniel J. Wilson
By: Moretti, Enrico
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Contributor(s): Wilson, Daniel J.
Material type: 
ArticleSubject(s): IMPUESTO SOBRE EL PATRIMONIO | IMPUESTO SOBRE SUCESIONES Y DONACIONES | RENTAS ALTAS | LOCALIZACION | PLANIFICACION FISCAL | ESTADOS UNIDOS
In:
American Economic Journal : Economic Policy v. 51, n. 2, May 2023, p. 424-466Summary: 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.
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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.
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