This week's European Economic Experts Panel statements:
A) A wealth tax would be an effective way to reduce inequality.
B) A wealth tax in a form discussed in the UK (where individuals could be taxed a percentage of their net worth over £750,000, excluding any personal pension savings and their main home) would be an effective way to improve public finances after the Covid-19 crisis.
C) A public policy goal that could be accomplished with a well-enforced wealth tax could be accomplished at lower cost with modifications to existing taxes, such as income tax, capital gains tax, inheritance tax and property tax.
Keyword: income tax
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This week's US Economic Experts Panel statements:
A) Restoring the top individual federal income tax rate to 39.6% for incomes over $400,000 (from the current 37%) and taxing the capital gains and dividends of taxpayers with income over $1 million at that top rate (instead of the current preferential rate of 20%), with no other associated changes in taxes or spending, would be unlikely to hurt economic growth noticeably.
B) Restoring the top tax rate, removing the preferential rate on capital gains and dividends, and raising the corporate tax rate from 21% to 28%, with no other associated changes in taxes or spending, would be likely to lead to a meaningful sustained reduction in fiscal deficits.
This week's IGM Economic Experts Panel Statement:
Historical experience suggests that raising the top federal marginal tax on personal income to 70% (and holding the rest of the current tax code fixed) would raise substantially more revenue (federal and state, combined) without lowering economic activity.
This week’s IGM Economic Experts Panel poll statements: A) All else equal, permanently raising the federal marginal tax rate on ordinary income by 1 percentage point for those in the top (i.e., currently 35%) tax bracket would increase federal tax revenue over the next 10 years. B) The cumulative budget shortfalls in the US over the next 10 years can be reduced by half (or more) purely by increasing the federal marginal tax rate on ordinary income for those in the top tax bracket.
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