@unpublished{Brulhartetal2019,
  title = {Behavioral Responses to Wealth Taxes: Evidence from Switzerland},
  author = {Br{\"u}lhart, Marius and Gruber, Jonathan and Krapf, Matthias and Schmidheiny, Kurt},
  year = {2019},
  url = {https://ssrn.com/abstract=3471248},
  abstract = {We study how reported wealth responds to changes in wealth tax rates. Exploiting rich intra-national variation in Switzerland, the country with the highest revenue share of annual wealth taxation in the OECD, we find that a 1 percentage point drop in the wealth tax rate raises reported wealth by at least 43\% after 6 years. Administrative tax records of two cantons with quasi- randomly assigned differential tax reforms suggest that 24\% of the effect arise from taxpayer mobility and 20\% from house price capitalization. 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.},
  keywords = {Wealth Taxation},
  note = {Unpublished manuscript}
}

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