@article{SaezZucman2021,
  title = {A Wealth Tax on Corporations' Stock},
  author = {Saez, Emmanuel and Zucman, Gabriel},
  year = {2021},
  journal = {Economic Policy},
  pages = {1--16},
  url = {https://gabriel-zucman.eu/},
  abstract = {We propose to institute a new tax on corporations' stock shares for all publicly listed companies headquartered in G20 countries. Every year, each company would have to pay 0.2 percent of the value of its stock in taxes. As the G20 stock market capitalization is around \$90 trillion, the tax would raise approximately \$180 billion each year. Because stock ownership is highly concentrated among the rich, this global tax would be progressive. The tax could be paid in-kind by corporations (by issuing new stock) so that the tax does not raise liquidity issue or affect business operations. In today's globalized and fast-moving world, companies can become enormously valuable once they establish market power, even before they start making large profits (e.g., Amazon and Tesla). This tax would make them start paying taxes sooner. The tax could be enforced by the securities commissions in each country which regulate publicly traded securities and already charge fees on stock issuance and transactions.},
  keywords = {Wealth Taxation}
}

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