@article{ScheuerSlemrod,
  title = {Taxing Our Wealth},
  author = {Scheuer, Florian and Slemrod, Joel},
  journal = {Journal of Economic Perspectives},
  url = {https://www.econ.uzh.ch/en/people/faculty/scheuer/research.html},
  abstract = {This paper evaluates recent prominent proposals for an annual wealth tax. We point out why the former conventional wisdom\textemdash that an optimal tax system would feature no taxes on capital\textemdash has been overturned, and present a series of arguments that justify pro- gressive taxes on wealth accumulation both in the short and long run. We also discuss under which conditions they should take the form of a wealth tax versus alternative poli- cies that achieve similar objectives. While a dozen OECD countries levied wealth taxes in the recent past, now only three retain them, with only Switzerland raising a comparable fraction of revenue as the U.S. proposals. Studies of these taxes often find a substantial behavioral response, which may indicate a large excess burden. To predict the conse- quences of the U.S.-style proposals, however, one needs to take into account that their design features\textemdash especially the rate schedule, broadness of the base, and enforcement provisions\textemdash are very different from any previous wealth tax. This makes it difficult to learn from experience, but we can gain insights from closely related taxes, such as the property and the estate tax.},
  keywords = {Wealth Taxation}
}

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