The Role And Design Of Net Wealth Taxes In The Oecd

This report examines the role and design of net wealth taxes in OECD countries.

This report examines and assesses the current and historical use of net wealth taxes, defined as recurrent taxes on individual net assets, in OECD countries. It provides background on the use of wealth taxes over time in OECD countries as well as on trends in income and wealth inequality. It then assesses the case for and against the use of a net wealth tax to raise revenues and reduce inequality, based on efficiency, equity and tax administration considerations. The effects of personal capital income taxes and taxes on wealth transfers are also discussed to understand how these taxes interact with net wealth taxes. Finally, the report looks at practical tax design issues and shows that the way a net wealth tax is designed can have a significant impact on the effectiveness and fairness of the tax. The report concludes with a number of practical tax policy recommendations regarding net wealth taxes.

The report explores the role that inheritance taxation could play in raising revenues, addressing inequalities and improving efficiency in OECD countries. It provides background on the distribution and evolution of household wealth and inheritances, assesses the case for and against inheritance taxation drawing on existing theoretical and empirical literature, and examines the design of inheritance, estate and gift taxes in OECD countries.

This annual publication provides details of taxes paid on wages in OECD countries. It covers personal income taxes and social security contributions paid by employees, social security contributions and payroll taxes paid by employers, and cash benefits received by workers. Taxing Wages 2021 includes a special feature entitled: “Impact of COVID-19 on the Tax Wedge in OECD Countries”.

This report investigates how tax structures can best be designed to support GDP per capita growth.

This study provides an analysis of important current tax policy issues in a number of areas: corporate and personal income tax and social security contributions; consumption tax; property and wealth taxes; taxing power and tax administration.

This report is the ninth edition of the OECD's Tax Administration Series. It provides internationally comparative data on aspects of tax systems and their administration in 59 advanced and emerging economies.

Their impaired capacity to invest-and ultim- To understand the impact of a wealth tax on rich ately their exodus-has serious negative effects on households, it is important to appreciate the differ- the economy as a whole, and therefore on every ence between incomes and assets. [...] The MEI's Taxation Series aims to shine a light on the fiscal policies of governments and to study their effect on economic growth and the standard of living of citizens. [...] As the tax base is eroding, the remaining 1.5 taxpayers have to compensate for the 1.13 1.03 overall reduction of tax revenues caused 1 by the flight of capital. [...] From an inequal- 0.54 0.48 0.43 ity reduction perspective, a wealth tax 0.5 0.22 turns out to be counterproductive 0.18 because once the most mobile among 0 the rich are gone, new taxes must be Switzerland Spain France Norway raised to bridge the gap created by the exodus, and these new taxes will have to Source: OECD, "The Role and Design of Net Wealth Taxes in the OECD," 2018, p. 18. [...] Going after wealthy people as a group combine the constant lowering of the bar to belong undermines one's potential success as a budding to the 1% (due to rich household exodus) with the entrepreneur, or conversely, one's employment many people climbing the social ladder, chances are opportunities as a job seeker.

Canada is a rich country getting richer. But over the past 20 years, a huge portion of the country’s wealth increase has gone to a small handful of the super-rich. Canada’s one per cent have seen their share of Canada’s wealth grow by almost six times since 1999 to $2,203,000,000,000 USD today. Meanwhile, half of all Canadian families experience income insecurity and can’t get the support they need from ever-shrinking public services. Canada’s super-rich gained $76 billion during the 12 months after COVID-19 hit. Canadians are ready for measures that would distribute wealth more fairly, and give governments the funds to pay for pharmacare, improve long-term care, take serious climate action, implement paid sick leave and more. But the Liberal government took no serious measures in its 2021 budget to tackle this issue. Policy experts Jonathan Gauvin and Angella MacEwen show exactly how Canada’s wealth can be more fairly shared with measures that would impact only the one per cent: a wealth tax, higher taxes on the highest incomes, higher taxes on large corporations and higher taxes on big profits coming from capital gains. They also propose measures to shut down tax loopholes and tax havens and to tax web giants. This book shows how we can share the wealth so everyone will be better off — even the richest.