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Personal Income Tax And The Taxation Of Billionaires: Is The Haig-Simons Model Feasible?

Author

Listed:
  • José M. Domínguez
  • Carmen Molina
  • Ana Patricia Montes

Abstract

The purpose of this paper is to analyse the tax proposal made in the United States for the taxation of billionaires, which introduces elements of the concept of income in the Schanz-Haig-Simons tradition. In particular, attention is paid to the tax treatment of unrealised capital gains, which marks an important difference between the different personal income tax models. The theoretical background is reviewed, the problems of its practical application are also addressed, and a quantitative comparison of the implications of recurrent and deferred taxation options is made.

Suggested Citation

  • José M. Domínguez & Carmen Molina & Ana Patricia Montes, 2024. "Personal Income Tax And The Taxation Of Billionaires: Is The Haig-Simons Model Feasible?," Working Papers REM 2024/0326, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    • Handle: RePEc:ise:remwps:wp03262024
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    File URL: https://rem.rc.iseg.ulisboa.pt/wps/pdf/REM_WP_0326_2024.pdf
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    References listed on IDEAS

    as
    1. Joel Slemrod & Xinyu Chen, 2023. "Are capital gains the Achilles’ heel of taxing the rich?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 39(3), pages 592-603.
    2. Giampaolo Arachi & Massimo D'Antoni, 2022. "Taxation of capital gains upon accrual: is it really more efficient than realisation?," Fiscal Studies, John Wiley & Sons, vol. 43(1), pages 39-61, March.
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      Keywords

      personal income tax; billionaires tax; Haig-Simons model.;
      All these keywords.

      JEL classification:

      • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies

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