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Wealth Tax Modifications: Status And Trends

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  • Mykhailo Sverdan

    (National University of Life and Environmental Sciences of Ukraine, Ukraine)

Abstract

The purpose of this article is to study the topical issues of wealth taxation, which is due to the existing stable trends of growth of wealth of market subjects. Modern society is characterized by a marked increase in the wealth of individuals and corporations. Especially the number of wealthy individuals is growing. The aim of the paper is to define the essence of wealth and prerequisites of its taxation. The theme of the article is conditioned by the necessity to reveal different forms and methods of wealth taxation. At the same time the aim of the article is not to study wealth, but its taxation. In this connection the general system of taxes on wealth is considered and the peculiarities of functioning of different types of tax on wealth are determined. Methodology. A proper analysis of the social structure of society in the context of individual groups of taxpayers allows us to assess the effectiveness of the application of specific forms of wealth taxation. Results. The issue and modern specificity of the system of wealth taxes is explored. Wealth taxes exist in many countries in various forms. Practical implications. The peculiarities of application of different wealth taxes to different categories of taxpayers are investigated. The economic essence of taxes on wealth is investigated. The specifics of functioning of various taxes on wealth in modern conditions are considered. Value/originality. It has been established that taxation of wealth is a perfectly acceptable and even necessary form of fiscal influence of the state on society. A wealthy society is able to pay more taxes. This is important for the formation of state revenues. The economic potential of a large part of society is sufficient to pay a wealth tax. The peculiarities of functioning of different types of wealth tax for different taxpayers in different countries of the world are considered. The use of various taxes on wealth as a fiscal tool in the tax system of the state is proposed. Improvement of fiscal mechanisms of wealth taxation is recommended.

Suggested Citation

  • Mykhailo Sverdan, 2022. "Wealth Tax Modifications: Status And Trends," Three Seas Economic Journal, Publishing house "Baltija Publishing", vol. 3(1).
    • Handle: RePEc:bal:3seasj:2661-5150:2022:3:1:24
    DOI: 10.30525/2661-5150/2022-1-24
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    References listed on IDEAS

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    1. Alan Peacock, 1997. "The Political Economy of Economic Freedom," Books, Edward Elgar Publishing, number 1239.
    2. Lukas Hakelberg & Laura Seelkopf, 2021. "Introduction to the Handbook on the Politics of Taxation," Chapters, in: Lukas Hakelberg & Laura Seelkopf (ed.), Handbook on the Politics of Taxation, chapter 1, pages 1-15, Edward Elgar Publishing.
    3. Sandford, Cedric & Morrissey, Oliver, 1985. "The Irish Wealth Tax: A Case Study in Economics and Politics," Research Series, Economic and Social Research Institute (ESRI), number GRS123.
    4. Auerbach, Alan J. & Smetters, Kent (ed.), 2017. "The Economics of Tax Policy," OUP Catalogue, Oxford University Press, number 9780190619725.
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    Cited by:

    1. Mykhailo Sverdan, 2022. "Lump-Sum Tax Is An Alternative To Wealth Taxation," Three Seas Economic Journal, Publishing house "Baltija Publishing", vol. 3(4).

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    More about this item

    Keywords

    wealth; taxation; economy; property; enrichment; well-being; wealth tax; lump sum tax; income tax; bank levy;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H22 - Public Economics - - Taxation, Subsidies, and Revenue - - - Incidence

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