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, Thor O Thoresen Research Department, Statistics Norway , Oslo, Norway Department of Economics, University of Oslo , Oslo, Norway E-mail: tot@ssb.no (corresponding author); oen@ssb.no Search for other works by this author on: Oxford Academic Marius A K Ring Finance Department, University of Texas at Austin , Austin, TX, USA . E-mail: mariuskallebergring@gmail.com Search for other works by this author on: Oxford Academic Odd E Nygård Research Department, Statistics Norway , Oslo, Norway E-mail: tot@ssb.no (corresponding author); oen@ssb.no Search for other works by this author on: Oxford Academic Jon Epland Social Statistics, Statistics Norway , Oslo, Norway Search for other works by this author on: Oxford Academic
CESifo Economic Studies, Volume 68, Issue 4, December 2022, Pages 321–361, https://doi.org/10.1093/cesifo/ifac009
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22 October 2022
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Thor O Thoresen, Marius A K Ring, Odd E Nygård, Jon Epland, A Wealth Tax at Work, CESifo Economic Studies, Volume 68, Issue 4, December 2022, Pages 321–361, https://doi.org/10.1093/cesifo/ifac009
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Abstract
Over the past decade, the question of whether and, in the event, how to tax household wealth has risen to the forefront of policy debates across the world. As Norway belongs to only a handful of countries that (still) levy an annual net wealth tax, we use the Norwegian example to review the case for annual taxation of wealth. Our discussion benefits from the use of rich administrative data, enabling us to provide a comprehensive set of empirical facts that are useful in assessing the merits of wealth taxation. We consider some of the central issues in the wealth tax debate: how the taxation of wealth fits in with personal income tax, distortionary effects, redistributional effects, and the extent to which wealth taxation may cause adverse liquidity effects for private firms. Taken together, we consider that the evidence presented here does not weaken the case for maintaining the tax in the Norwegian case: we find favorable distributional effects and efficiency losses appear to be limited (JEL codes: H21, H23, H25, and H31).
© The Author(s) 2022. Published by Oxford University Press on behalf of Ifo Institute, Munich. All rights reserved. For permissions, please email: journals.permissions@oup.com
This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model (https://academic.oup.com/pages/standard-publication-reuse-rights)
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