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Sharing the Wealth: How to Tax the Rich

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  • Jane G. Gravelle

Abstract

This paper considers methods for taxing the income of the affluent. Much of this income is unrealized capital gains that escapes tax. Conventional individual income tax changes cannot capture this income and corporate taxes cannot target the wealthy. Other options are estate and gift taxes, taxation of gains on an accrual basis, and a wealth tax. Accrual taxation of capital gains most closely captures untaxed income, can be targeted to the wealthy, and appears to be feasible. If wealth and accrual taxation are deemed too difficult, a combination of conventional changes and taxing gains at death are options.

Suggested Citation

  • Jane G. Gravelle, 2020. "Sharing the Wealth: How to Tax the Rich," National Tax Journal, National Tax Association;National Tax Journal, vol. 73(4), pages 951-968, December.
    • Handle: RePEc:ntj:journl:v:73:y:2020:i:4:p:951-968
    DOI: 10.17310/ntj.2020.4.01
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    Cited by:

    1. Robin Boadway & Pierre Pestieau, 2022. "The Wealth Tax and the Tax Mix," Canadian Tax Journal, Canadian Tax Foundation, vol. 70(Supplemen), pages 185-208.

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