1. This paper discusses the progressive taxation of household wealth, including how it is distributed and how much revenue a progressive wealth tax could generate in the United States.
2. The paper also discusses the role a wealth tax can play to increase the overall progressivity of the US tax system, as well as empirical evidence on wealth tax avoidance and evasion.
3. Finally, the paper presents a simple tractable model of the taxation of billionaires’ wealth that can be applied to illustrate the long-run effects of concrete wealth tax proposals on top fortunes.
This article provides an overview of progressive taxation of household wealth in the United States, discussing its potential benefits and drawbacks. The authors provide evidence from various sources to support their claims, such as data from Piketty and Saez (2003), Saez and Zucman (2016), Piketty, Saez, and Zucman (2018), and other sources. They also discuss empirical evidence on wealth tax avoidance and evasion as well as tax enforcement policies.
The article is generally reliable in terms of its content; however, there are some potential biases that should be noted. For example, while the authors do discuss potential drawbacks to implementing a progressive wealth tax, they focus primarily on its potential benefits without providing an equal amount of attention to both sides of the argument. Additionally, while they do provide evidence from various sources to support their claims, some of this evidence may be outdated or incomplete due to changes in economic conditions over time or lack of access to certain data sets. Furthermore, while they do discuss potential solutions for avoiding or mitigating issues related to avoidance or evasion of taxes, these solutions may not be applicable in all cases or may not be effective enough to address all issues related to these topics.
In conclusion, this article provides an overview of progressive taxation of household wealth in the United States with supporting evidence from various sources; however, it should be noted that there are some potential biases present which could lead readers astray if not taken into consideration when reading this article.