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  1. Taxing billionaires
    estate taxes and the geographical location of the ultra-wealthy
    Author: Moretti, Enrico; Wilson, Daniel J.
    Published: 2019
    Publisher:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

    Access:
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 385
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working papers series / Federal Reserve Bank of San Francisco ; 2019, 25 (October 2019)
    Subjects: Vermögen; Erbschaftsteuer; Wohnungswechsel; Wohnstandort; Steuerpolitik; USA; Forbes 400; Geographical mobility
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  2. Taxing billionaires
    estate taxes and the geographical location of the ultra-wealthy
    Author: Moretti, Enrico; Wilson, Daniel J.
    Published: October 2019
    Publisher:  National Bureau of Economic Research, Cambridge, MA

    We study the effect of state-level estate taxes on the geographical location of the Forbes 400 richest Americans and its implications for tax policy. We use a change in federal tax law to identify the tax sensitivity of the ultra-wealthy's locational... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 1 (26387)
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    We study the effect of state-level estate taxes on the geographical location of the Forbes 400 richest Americans and its implications for tax policy. We use a change in federal tax law to identify the tax sensitivity of the ultra-wealthy's locational choices. Before 2001, some states had an estate tax and others didn't, but the tax liability for the ultra-wealthy was independent of their domicile state due to a federal credit. In 2001, the credit was phased out and the estate tax liability for the ultra-wealthy suddenly became highly dependent on domicile state. We find the number of Forbes 400 individuals in estate tax states fell by 35% after 2001 compared to non-estate tax states. We also find that billionaire's sensitivity to the estate tax increases significantly with age. Overall, billionaires' geographical location appears to be highly sensitive to state estate taxes. We then estimate the effect of billionaire deaths on state tax revenues. We find a sharp increase in tax revenues in the three years after a Forbes billionaire death, totaling $165 million for the average billionaire. In the last part of the paper, we study the implications of our findings for state tax policy. We estimate the revenue costs and benefits for each state of having an estate tax. The benefit is the one-time tax revenue gain when a wealthy resident dies, while the cost is the foregone income tax revenues over the remaining lifetime of those who relocate. Surprisingly, despite the high estimated tax mobility, we find that the benefit exceeds the cost for the vast majority of states.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / National Bureau of Economic Research ; 26387
    Subjects: Vermögen; Erbschaftsteuer; Wohnungswechsel; Wohnstandort; Steuerpolitik; USA; Geographical mobility; Forbes 400
    Scope: 37 Seiten, 26 ungezählte Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe
  3. Taxing billionaires
    estate taxes and the geographical location of the ultra-wealthy
    Author: Moretti, Enrico; Wilson, Daniel J.
    Published: October 2019
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We study the effect of state-level estate taxes on the geographical location of the Forbes 400 richest Americans and its implications for tax policy. We use a change in federal tax law to identify the tax sensitivity of the ultra-wealthy's locational... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 4
    Inter-library loan:
    No inter-library loan

     

    We study the effect of state-level estate taxes on the geographical location of the Forbes 400 richest Americans and its implications for tax policy. We use a change in federal tax law to identify the tax sensitivity of the ultra-wealthy's locational choices. Before 2001, some states had an estate tax and others didn't, but the tax liability for the ultra-wealthy was independent of their domicile state due to a federal credit. In 2001, the credit was phased out and the estate tax liability for the ultra-wealthy suddenly became highly dependent on domicile state. We find the number of Forbes 400 individuals in estate tax states fell by 35% after 2001 compared to non-estate tax states. We also find that billionaire's sensitivity to the estate tax increases significantly with age. Overall, billionaires' geographical location appears to be highly sensitive to state estate taxes. We then estimate the effect of billionaire deaths on state tax revenues. We find a sharp increase in tax revenues in the three years after a Forbes billionaire death, totaling $165 million for the average billionaire. In the last part of the paper, we study the implications of our findings for state tax policy. We estimate the revenue costs and benefits for each state of having an estate tax. The benefit is the one-time tax revenue gain when a wealthy resident dies, while the cost is the foregone income tax revenues over the remaining lifetime of those who relocate. Surprisingly, despite the high estimated tax mobility, we find that the benefit exceeds the cost for the vast majority of states.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/207523
    Series: Discussion paper series / IZA ; no. 12699
    Subjects: Vermögen; Erbschaftsteuer; Wohnungswechsel; Wohnstandort; Steuerpolitik; USA; Geographical mobility; Forbes 400
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen