From the Journal of Public Economics Twitter feed:
What happened when Spain brought back the Wealth Tax in 2011? Using variation in exposure, this paper finds: – No drop in savings, but drop in taxable wealth—mainly via legal avoidance – Asset shifting caused most revenue loss – Estimated revenue loss was 2.75x initial 2011 rev.
Here is the full paper by Mariona Mas-Montserrat, José María Durán-Cabré, and Alejandro Esteller-Moré. Via Jerusalem Demsas.
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