Wealth tax

Capital tax redirects here. For taxes on investment

income, see capital gains tax.

of 4% is a rate of 1.2%. The tax is imposed on assets in excess of 21,139 (2012). See Income tax
in the Netherlands.

A wealth tax (also called a capital tax, equity tax, or

net worth tax) is a levy on the total value of personal
assets, including owner-occupied housing; cash, bank deposits, money funds, and savings in insurance and pension
plans; investment in real estate and unincorporated businesses; and corporate stock, nancial securities, and personal trusts.[1] Typically liabilities (primarily mortgages
and other loans) are deducted, hence sometimes called a
net wealth tax.
A wealth tax taxes the accumulated stock of purchasing
power, in contrast to income tax, which is a tax on the
ow of assets (a change in stock).

In practice

Norway: 0.7% (municipal) and 0.3% (national) a total of 1.0% levied on net assets exceeding 1,000,000 kr as of 2014.[7] For tax purposes, the
value of real estate assets are estimated to approximately 50% of the market value (25% if it is the
taxpayers primary residence).[8] The Conservative
and Progress parties in the current government and
the Liberal Party have stated that they aim to reduce
and eventually eliminate the wealth tax.[9]

Switzerland: A progressive wealth tax between

0.13% and 0.94% may be levied on net assets.[10]
The exact amount varies between cantons.

1.2 Historical examples

Some jurisdictions require declaration of the tax payers

balance sheet (assets and liabilities), and from that ask
for a tax on net worth (assets minus liabilities), as a percentage of the net worth, or a percentage of the net worth
exceeding a certain level. Wealth taxes can be limited to
natural persons or they can be extended to also cover legal
persons such as corporations.

Iceland had a wealth tax until 2006 and a temporary

wealth tax reintroduced in 2010, for four years. A rate
of 1.5% on net assets exceeding 75,000,000 kr for individuals and 100,000,000 kr for married couples.

Some other European countries have discontinued this

kind of tax in the recent years: Austria, Denmark (1995),
Germany (1997), Finland (2006), Luxembourg (2006)
and Sweden (2007). In the United Kingdom, property
(real estate) is often a persons main asset, and has been
1.1 Current examples
taxed - for example the window tax of 1696, the rates,

France: There is a solidarity tax on wealth on to some extent the Council Tax, and a new Mansion Tax
any net assets above 800,000, if your total net proposed by some political parties.
worth is 1,300,000 or more. Marginal rates range
from 0.5% to 1.5%.[2] In 2007, it collected 4.07
2 Rationale
billion, accounting for 1.4% of total revenue.[3]

Spain: There is a tax called Patrimonio. The tax

rate is progressive, from 0.2 to 3.75% of net assets
above the threshold of 700,000 after 300,000
primary residence allowance.[4] The exact amount
varies between provinces.

India: Wealth tax is 1% on net wealth exceeding 1 Crores (Rs 1,00,00,000). However, non- 2.1 Concentration of wealth
residents returning to India are exempt for seven
years.[5] In February 2015, abolition of the tax from Main article: Wealth concentration
FY15-16 was announced in the Union Budget.[6]

Netherlands: Interest income is taxed like a In 2014, French economist Thomas Piketty published a
wealth tax, i.e. a xed 30% out of an assumed yield book entitled Capital In The Twenty-First Century that

There are many lines of argument in favor of including a

tax based on individual net wealth. Variations in how the
details of the particular net wealth tax is implemented, including whether there are exemptions and whether other
taxes are lowered or attened will have an impact.

posits the theory that economic inequality was worsening and proposes wealth taxes as a solution. The central thesis of the book is that inequality is not an accident, but rather a feature of capitalism, and can only be
reversed through state interventionism. The book thus
argues that unless capitalism is reformed, the very democratic order will be threatened. At the core of this thesis
is the notion that when the rate of return on capital (r) is
greater than the rate of economic growth (g) over the long
term, the result is concentration of wealth, and this unequal distribution of wealth causes social and economic
instability. Piketty proposes a global system of progressive wealth taxes to help reduce inequality and avoid the
vast majority of wealth coming under the control of a
tiny minority. This analysis was hailed as a major and
important work by some economists. Pikettys work is
not without its critics, however. Other economists have
challenged key aspects of Pikettys proposals and interpretations, stating that they are often inconsistent and/or
awed.[11][12][13][14][15][16]

2.2

Fairness

According to the beneciary pay criterion of tax fairness, a tax on property rights can be seen as a use fee.
Specically, protection of property rights is a primary
purpose of government. Holders of property rights enjoy
the existence of government more than those who hold no
property rights do and thus Capital In The Twenty-First
Century argues that those who benet the most owe the
most back to the society that permits the capitalist system
to exist. This is also true of ownership interests or stock.

2.3

Revenue

In 1999, Donald Trump proposed for the United States a

one o 14.25% wealth tax on the net worth of individuals
and trusts worth $10 million or more. Trump claimed that
this would generate $5.7 trillion in new taxes, which could
be used to eliminate the national debt.[17] A net wealth tax
may also be designed to be revenue neutral as where it is
used to broaden the tax base, stabilize the economy and
reduce individual income and other taxes.

2.4

Economic growth

A wealth tax that decreases other tax burdens, such as income, capital gains, sales, value added and inheritance,
increases the time horizon for investment and can increase the return on investments over that time. The
increased time horizon of investment results from the
competition for investment between the risk-free asset
of modern portfolio theory, and commercial assets. The
higher return on investment results from the removal of
taxes on prots.

RATIONALE

2.5 Investment
A wealth tax serves as a negative reinforcer (use it or
lose it), which coerces the productive use of assets. According to University of Pennsylvania Law School Professors David Shakow and Reed Shuldiner, A wealth
tax also taxes capital that is not productively employed.
Thus, a wealth tax can be viewed as a tax on potential income from capital.[18] Because a net wealth tax can be
the equivalent of an annual tax on imputed income, the
capital gains, estate and gift taxes are not necessary.

2.6 Job creation and Social Security reform

In the United States a wealth tax of 2% could replace
the 15% payroll taxes and enable business to have more
money to hire workers and increase employee consumer
spending. Millions of jobs would be created with no government spending.[19] Using a wealth tax to fund Social
Security and Medicare would also eliminate any short
term need to reduce benets.

2.7 Housing and consumer debt

A net wealth tax permits an oset for the full principal of
any mortgage, student loan, automobile loan, consumer
loan, etc. Thus, even with tax reform that eliminates income tax deductions for interest, taxpayers may be better
o with a full credit for the amount of the debt for the
net wealth computation. In the United States, for example, the net wealth tax oset for debt would be particularly helpful to restore a healthy housing market and help
college graduates with unpaid student loans.

2.8 Social eects

By unburdening the poor and middle class of taxation,
while stimulating investment in commercial assets that
create demand for labor, more nancial resources in the
hands of the poor and middle class would reduce their
reliance on government delivery of social goods, such
as improved educational opportunities for their children.
That would promote social mobility, mean more citizens
reach their full potential of productivity, thus improving the economy. Increased government revenue from a
wealth tax could be used to promote public investment in
services like education, basic science research, and transportation infrastructure, which in turn improve economic
eciency. Increased government revenue from a wealth
tax coupled with restrained government spending would
reduce government borrowing and so free more credit for
the private sector to promote business. A strong, steadily
growing economy could in turn increase tax revenues further, allowing for more decit reduction, and so on in a
virtuous cycle.[20]

3.4

Disproportionate eect on seniors

Disadvantages

There are many arguments against the implementation of

a wealth tax; including signicant legal hurdles, likely
negative economic results, issues with implementation,
regulation, and cost, as well as adverse societal and cultural impacts.

3.1

Capital ight

A 2006 article in The Washington Post titled Old Money,

New Money Flee France and Its Wealth Tax pointed out
some of the harm caused by Frances wealth tax. The article gave examples of how the tax caused capital ight,
brain drain, loss of jobs, and, ultimately, a net loss in tax
revenue. Among other things, the article stated, "ric
Pichet, author of a French tax guide, estimates the wealth
tax earns the government about $2.6 billion a year but
has cost the country more than $125 billion in capital
ight since 1998.[21][22] The concern about capital ight
is lessened where a country such as the United States has
worldwide tax jurisdiction and assets may be taxed wherever they are located.

3.2

Economic eects

Wealth taxes have the net eect of pulling assets out of

the free market economy, and could create recessionary
eects, including job loss. A 2012 article by Forbes magazine, A tax on wealth certainly has a negative impact
on capital formation. Many family-owned businesses
that are marginally protable would nd this tax to be a
tremendous burden on their shareholders. While the tax
may be imposed on the business owners, in many cases
the only source for payment of the tax would be to take
funds from (or liquidate) the business. This is why many
tax policy analysts have said that a wealth tax could result in a recession by inhibiting capital formation and job
creation.[23]

3
i.e., vehicles, boats, real estate, and (most importantly)
private business. Private businesses account for nearly
40% of their wealth and are the largest single category.
A particular issue for small business owners is that they
cannot accurately value their private business until it is
sold. Furthermore, business owners could easily make
their businesses look much less valuable that they really are, through accounting, valuations and assumptions
about the future. Even the rich dont know what exactly
what theyre worth in any given moment.[25]
More dicult questions arise as to the equitable valuation of homes and real estate by geographic area, where
values per square foot of home and per acre of land can
vary by more than 400 percent in the United States. In
addition, critics claim that the inherent diculty of evaluating personal property would create a labyrinth of bureaucracy and potential for fraud, and perhaps the emergence of a class of tax-exempt and special-consideration
assets that would only further cloud and burden an already
overwhelmed tax system. Analysts predict that the process of appraisal of personal property, with some items
appreciating and others depreciating, would be onerous
and the costs of dispute resolution with the IRS would
skyrocket.[26] Examples of such fraud and malfeasance
were revealed in 2013, when French budget minister
Jerome Cahuzac was discovered shifting nancial assets
into Swiss bank accounts in order to avoid the wealth tax.
After further investigation, a French nance ministry ofcial said, A number of government ocials minimised
their wealth, by negligence or with intent, but without exceeding 5-10 per cent of their real worth ... however,
there are some who have deliberately tried to deceive the
authorities.[27] Yet again, in October 2014, Frances Finance Chairman and President of the National Assembly, Gilles Carrez, was found to have avoided paying the
French wealth tax (ISF) for three years by applying a 30
percent tax allowance on one of his homes. However, he
had previously converted the home into an SCI, a private, limited company to be used for rental purposes.
The 30 percent allowance does not apply to SCI holdings. Once this was revealed, Carrez declared, if the
tax authorities think that I should pay the wealth tax, I
won't argue. Carrez is one of more than 60 French parliamentarians battling with the tax oces over 'dodgy' asset declarations.[28]

For individuals, depending on the rate of the proposed

wealth tax, impacts on stock and bond asset values could
also be sucient to create larger-scale economic impacts.
The two largest areas of personal investment are personal
housing and pension plans. Thus, the rst source to be
tapped for tax liquidity would be pension plans and nancial investments. If the taxes were progressive enough, 3.4 Disproportionate eect on seniors
there may a recessionary eect on the economy as stock
and bond assets are liquidated each year to pay ongoing A 2013 Forbes article addressed the issue of wealth taxes
upon seniors, The acquisition of wealth is a function of
wealth taxes.[24]
the life cycle our usual point of maximum wealth in
our lifetime is just as we retire: weve paid o the mort3.3 Valuation issues
gage and have housing equity, our pension plan is as full
as its ever going to be.[24] Thus, for the largest segment
In 2012, the Wall Street Journal wrote that: the wealth of people subject to the wealth tax, it means taxing the
tax has a fatal aw: valuation. It has been estimated that accumulated savings and houses of those on the verge of
62% of the wealth of the top 1% is non-nancial retiring. Wealth taxes would impact their pension plans,

401K, IRA, and other deferred and retirement-related accounts ... as well as the accumulated value of their real estate. In addition, there may be the possibility that the tax
value of life insurance policies and charitable remainder
trusts could be included in these wealth calculations.[29]
Wealth taxes would have maximum impact just as retirees
are shifting and adjusting to xed-income living. Others
have pointed out that a progressive wealth tax would only
aect those with a net worth in excess of ten million dollars, thus making it less important at what stage of the
taxpayers life the obligation was incurred.[30][31]

3.5

Social eects: envy, work ethic, incentives, and property rights

Opponents of wealth taxes have complained that much

of the motivation to institute wealth taxes is based in
an 'undercurrent' of envy and antipathy.[30][31] Two Yale
University/London School of Economics studies (2006,
2008) on relative income yielded results asserting that 50
percent of the public would prefer to earn less money,
as long as they earned as much or more than their
neighbor.[32][33] These results lend credence to the theory
that a prime motivator for support of a wealth tax is not
economic improvement in absolute wealth for recipients.
Many analysts and scholars assert that since wealth taxes
are a form of direct asset collection, as well as doubletaxation, they are antithetical to personal freedom and individual liberty. They further contend that free nations
should have no business helping themselves arbitrarily to
the personal belongings of any group of its citizens.[34]
Wealth taxes place the authority of the government ahead
of the rights of the individual, and ultimately undermine
the concept of personal sovereignty. The Daily Telegraph
editor Allister Heath critically described wealth taxes as
Marxian in concept and ethically destructive to the values
of democracies, Taxing already acquired property drastically alters the relationship between citizen and state:
we become leaseholders, rather than freeholders, with accumulated taxes over long periods of time eventually returning our wealth to the state. It breaches a key principle that has made this country great: the gradual expansion of property ownership and the democratisation
of wealth.[35]

3.6

LEGAL IMPEDIMENTS

found that the wealth taxes were not as equitable as they

appeared.[36]
In a 2011 study, the London School of Economics examined wealth taxes that were being considered by the
Labour party in the United Kingdom between 1974 and
1976 but were ultimately abandoned. The ndings of
the study revealed that the British evaluated similar programs in other countries and determined that the Spanish wealth tax may have contributed to a banking crisis
and the French wealth tax had been undergoing review
by its government for being unpopular and overly complex. Furthermore, there were serious internal debates
at the time between moderate Socialists and more leftist
Marxist politicians as to the degree of public ownership
of means of production. As eorts progressed, concerns
were developing over the practicality and implementation
of wealth taxes as well as worry that they would undermine condence in the British economy. Eventually plans
were dropped. Former British Chancellor Denis Healey
concluded that attempting to implement wealth taxes was
a mistake, We had committed ourselves to a Wealth Tax:
but in ve years I found it impossible to draft one which
would yield enough revenue to be worth the administrative cost and political hassle. The conclusion of the study
stated that there were lingering questions, such as the impacts on personal saving and small business investment,
consequences of capital ight, complexity of implementation, and ability to raise predicted revenues that must
be adequately addressed before further consideration of
wealth taxes.[37]

4 Legal impediments
4.1 Germany
The Federal Constitutional Court of Germany in Karlsruhe found that wealth taxes would need to be conscatory in order to bring about any real redistribution In
addition, the court held that the sum of wealth tax and
income tax should not be greater than half of a taxpayers
income. The tax thus gives rise to a dilemma: either it
is ineective in ghting inequalities, or it is conscatory
and it is for that reason that the Germans chose to eliminate it. Thus nding such wealth taxes unconstitutional
in 1995.[38]

Past failures

In 2004, a study by the Institut de l'enterprise investigated

why several European countries were eliminating wealth
taxes and made the following observations: 1. Wealth
taxes contributed to capital drain, promoting the ight
of capital as well as discouraging investors from coming
in. 2. Wealth taxes had high management cost and relatively low returns. 3. Wealth taxes distorted resource
allocation, particularly involving certain exemptions and
unequal valuation of assets. In its summary, the institute

4.2 United States

In the United States, depending upon how Article 1, Sections 2 and 9 of the United States Constitution would be
interpreted, the implementation of a wealth tax not apportioned by the populations of the States would require
a Constitutional amendment in order to be passed into
law. The United States Constitution prohibits any federal direct tax on asset holdings (as opposed to income

5
tax or capital gains tax) unless the revenue collected [9] NTB (13 February 2014). Politisk ertall for fjerne
formuesskatten (in Norwegian). Dagens Nringsliv. Reis apportioned among the states on the basis of their
trieved 19 March 2014.
population.[39][40][41] Although a federal wealth tax is prohibited unless the receipts are collected from the States by [10] Switzerland Wealth Tax, Lowtax.net
their populations, state and local government property tax
amount to a wealth tax on real estate.[42] There is su- [11] Thomas Piketty Is Wrong: America Will Never Look
Like a Jane Austen Novel, New Republic, 2014
cient question about its Constitutionality that the issue is
[43]
debatable.
[12] Thomas Pikettys Wealth Illusion, Barrons, August 5,
2014

See also

[13] Yet Another Reason Wht Thomas Piketty' Is Wrong,

Forbes, June 5, 2014

Ad valorem tax

[14] What Piketty Gets Wrong About Capitalism, Reason,

May 23, 2014

Capital in the Twenty-First Century

Economic inequality#Environment; addressing human overpopulation having similar eects to decrease wealth gap
Endowment tax
Inheritance tax
Land value tax
Progressive tax
Property tax
Redistribution of income and wealth
Tax exporting
Wealth concentration
World taxation system

References

[1] Edward N. Wol, Time for a Wealth Tax?", Boston Review, Feb-Mar 1996 (recommending a net wealth tax for
the US of 0.05% for the rst $100,000 in assets to 0.3%
for assets over $1,000,000
[2] Worldwide personal tax guide 20132014: France
(PDF). HSBC. 1 July 2013. Retrieved 11 December
2014.
[3] French wealth tax explained in full in The Connexion
[4] Spanish Wealth Tax (Patrimonio)
[5] http://law.incometaxindia.gov.in/DIT/
other-income-tax-acts.aspx?page=ODTA&TabId=
tab_WTA
[6] Budget 2015: Wealth tax abolished; applicability of
GAAR deferred by two years. The Economic Times. 28
February 2015. Retrieved 28 February 2015.

[15] Thomas Pikettys Wrong Conclusions on Rising U.S. Income Inequality, U.S. News & World Report, June 5,
2014
[16] Inequality A Piketty problem?, Economist, May 24, 2014
[17] Trump proposes massive onetime tax on the rich CNN,
November 9, 1999
[18] Shakow, David and Shuldiner, Reed, Symposium on
Wealth Taxes Part II, New York University School of Law
Tax Law Review, 53 Tax L. Rev. 499, 506 Summer, 2000
[19] Mulligan, Casey B., How Payroll Tax Cuts Can Create
Jobs, New York Times, 14 September 2011
[20] Fair Share Taxes Essay, 2010
[21] Washington Post. Old Money, New Money Flee France
and Its Wealth Tax, 16 July 2006
[22] The Economic Consequences of the French Wealth Tax,
papers.ssrn.com, 05/04/07
[23] What A Wealth tax and Lindsay lohan Have In Common,
Forbes, November 20, 2012
[24] Why The IMF Wealth Tax Simply Will Not Work,
Forbes, October 23, 2013
[25] The Problem with a Wealth tax, Wall Street Journal January 11, 2012
[26] What A Wealth Tax and Lindsay Lohan Have In Common, Forbes November 20, 2012
[27] Chazan, David (October 22, 2014). French MPs face
investigation over tax scandal. The Telegraph.
[28] France Medias Monde. Frances Finance Chairman facing tax nightmare. RFI News (National French Radio).
[29] The Coming Global Wealth Tax, National Liberty Federation, December 4, 2013
[30] An Immodest Proposal: A Global Tax on the Super Rich,
Businessweek, October 23, 2013

[7]

[31] The Limits of Tax Reform Amid Envy, Forbes, November

6, 2011

[8] 3.1 Endringer i formuesskatten (in Norwegian). Department of Finance. Retrieved 19 March 2014.

[32] Does Envy Destroy Social Fundamentals? The Impact of

Relative Income Position on Social Capital, 2006

[33] Social Capital and Relative Income Concerns: Evidence

from 26 Countries, 2008
[34] Umfairteilung, Economist, 8 September 2012
[35] A wealth tax would be ethically wrong and economically
destructive, July 28, 2014
[36] Wealth Tax in Europe: Why The Decline? Institut de
l'enterprise, June 2004
[37] Why was a wealth tax for the UK abandoned?: Lessons for
the policy process and tackling wealth inequality, London
School of Economics, 2011
[38] Economist. Umfairteilung, Economist, 8 September 2012
[39] See, for example, the United States Supreme Court case
of Fernandez v. Wiener, in which the Court stated that
a direct tax is a tax which falls upon the owner merely
because he is owner, regardless of his use or disposition
of the property. Fernandez v. Wiener, 326 U.S. 340, 66
S. Ct. 178, 45-2 U.S. Tax Cas. (CCH) 10,239 (1945).
[40] Jensen, Erik M. (2004) Interpreting the Sixteenth
Amendment (By Way of the Direct-Tax Clauses)" 21
Const. Comment. 355
[41] Isaacs, Barry L. (1977-8) Do We Want a Wealth Tax in
America?" 32 U. Miami L. Rev. 23
[42] Yglesias, Matthew (March 6, 2013). America Does Tax
Wealth, Just Not Very Intelligently. Slate. Retrieved 18
March 2013.
[43] National Review. The Constitutional Fiasco of a Wealth
Tax, 19 November 2012

REFERENCES

Text and image sources, contributors, and licenses

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