@article{Brulhartetal2022,
  title = {Behavioral Responses to Wealth Taxes: Evidence from {{Switzerland}}},
  author = {Br{\"u}lhart, Marius and Gruber, Jonathan and Krapf, Matthias and Schmidheiny, Kurt},
  year = {2022},
  month = nov,
  journal = {American Economic Journal: Economic Policy},
  volume = {14},
  number = {4},
  pages = {111--150},
  doi = {10.1257/pol.20200258},
  url = {https://doi.org/10.1257/pol.20200258},
  abstract = {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.},
  keywords = {Wealth Taxation}
}

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