It's so rare to see economist do deep dive into research paper. Keep up the good work. Would love to see you discuss on recent developments on minimum wage, inflation, quantitative easing and ...
A wealth tax (also called a capital tax or equity tax) is a tax on an entity's holdings of assets or an entity's net worth. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts (a one-off levy on wealth is a capital levy). Typically, wealth taxation often involves the exclusion of an individual's liabilities, such as mortgages and other debts, from their total assets. Accordingly, this type of taxation is frequently denoted as a net wealth tax. As of 2017, five of the 36 OECD countries had a personal wealth tax (down from 12 in 1990). Proponents note that it can reduce income inequality by reducing the accumulation of large amounts of wealth by individuals. Critics note that a wealth tax can cause wealthy entrepreneurs and businesspeople to leave the country and move their wealth to a more tax friendly nation.
6:55 - if the point of a wealth tax is to reduce inequality and avoid the development of an aristocracy, how can the paper say that people being incentivized to actually legally live under the thresholds undermines the “efficacy” of the tax?
@@denki2558 why do we need to tax those over the threshold anyway? Money would just be sent overseas or wasted on the military overspending. Rather a rich person have it than that personally.
Socialism is worser than capitalism. We must learn from nations which had devoted themselves to this experiment, especially on communism. Welfare is amazing, but is always prone to abuse from the receivers and from inefficiencies from state workers managing it. Follow Adam Smith and let the invisible hand guide us. However, this is where government must be involved more. Not in taxation, but in policing corruption. Possibly by increased audits, screening, setting up non biased organisations for the tasks, and making punishments more severe.
it's so sad to see how many people believe that we can't tax the rich, they are rich because they hoard the money, they don't deserve it more than a farmer or a nurse. Maybe someday you will understand that the rich are not your friends and it's partly because of them and mainly because of capitalism that you need to live a miserable life. Things could be better, you could have free healthcare, free university but you are losing it all to make the wealthy wealthier
That’s what you called communism. These rich individuals, whether you like them or not, they start businesses and hire people. They rich because of their smart or lucky decisions. They’re rich cuz they’re cheap. Just because they’re on the lucky spectrum, doesn’t mean you have to punish them because you’re jealous. Don’t point finger, go out there and change your life. If you try hard, you may be better, but your kids are gonna be better off if you teach them correctly, and your grandkids finally become rich and successful. That’s how the riches are made, passing from generational wealth.
@@vinchino And then there's the mutliple homes, multiple holidays, personal aeroplanes, ostentatious goods, and the like. I could forgive all that if they didn't hide their assets in complicated schemes, parking it in tax havens when they have made money from a population but don't want to funds hospitals, schools, etc. Even more, they shouldn't be lobbying for special treatment for themeselves and their businesses, or funding political misinformation or undermining democracy. That's what you call capitalism.
@@vinchinoNah, that’s exactly why we can’t trust them…. Because it’s pure LUCK. We should shift the economy from one of luck to one where the individual has power. Doesn’t have to be communism or even letting go of Capitalism, but this isn’t really a good alternative.
Needed in what way? The extra tax money would just get sent overseas or spent in the military defense budget. What gain do u and I get from it? Why is it needed? It doesnt make any sense to me. I want less taxes for me and u and everyone else, even the billionaires. Why dont u not want that? Thanks
@@MRkriegs if you lived in a socialist (or at list not so capitalist) country, this money would be helpful but indeed, in the USA the money is just used to make rich richer, to go to war and fund other wars they don't go to. Wanting less tax for 90% of the population is logical, but wanting less tax for billionaires (who pay almost 0) is straight up stupd
@@juliandesutter3831everyone wants lower tax, both poor and rich. It’s like saying you should pay more tax because you’re richer than someone in africa. Regardless how poor you are in your country, you’re considered extremely wealthy the eyes of someone in africa. So should you pay mor tax than him? You will feel unfair
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It's so rare to see economist do deep dive into research paper. Keep up the good work. Would love to see you discuss on recent developments on minimum wage, inflation, quantitative easing and ...
A wealth tax (also called a capital tax or equity tax) is a tax on an entity's holdings of assets or an entity's net worth.
This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts (a one-off levy on wealth is a capital levy).
Typically, wealth taxation often involves the exclusion of an individual's liabilities, such as mortgages and other debts, from their total assets.
Accordingly, this type of taxation is frequently denoted as a net wealth tax.
As of 2017, five of the 36 OECD countries had a personal wealth tax (down from 12 in 1990).
Proponents note that it can reduce income inequality by reducing the accumulation of large amounts of wealth by individuals.
Critics note that a wealth tax can cause wealthy entrepreneurs and businesspeople to leave the country and move their wealth to a more tax friendly nation.
good video.
No data on what % was persisted underreporting, what % was offshoring, and what % was just legally giving the money away?
6:55 - if the point of a wealth tax is to reduce inequality and avoid the development of an aristocracy, how can the paper say that people being incentivized to actually legally live under the thresholds undermines the “efficacy” of the tax?
What if the tax is piecewise continuous?
For example, if x
What about if we just dont tax everyone at all times always?
@@MRkriegs In the example cases I gave, those below the threshold are not taxed at all.
@@denki2558 why do we need to tax those over the threshold anyway? Money would just be sent overseas or wasted on the military overspending. Rather a rich person have it than that personally.
Awesome video, how do we address these concerns to make a wealth tax viable?
Socialism is worser than capitalism. We must learn from nations which had devoted themselves to this experiment, especially on communism.
Welfare is amazing, but is always prone to abuse from the receivers and from inefficiencies from state workers managing it.
Follow Adam Smith and let the invisible hand guide us.
However, this is where government must be involved more. Not in taxation, but in policing corruption. Possibly by increased audits, screening, setting up non biased organisations for the tasks, and making punishments more severe.
you are just saying propaganda that the capitalism regime you live in tells you, good job man, you don't seem to care about proofs
it's so sad to see how many people believe that we can't tax the rich, they are rich because they hoard the money, they don't deserve it more than a farmer or a nurse. Maybe someday you will understand that the rich are not your friends and it's partly because of them and mainly because of capitalism that you need to live a miserable life. Things could be better, you could have free healthcare, free university but you are losing it all to make the wealthy wealthier
That’s what you called communism. These rich individuals, whether you like them or not, they start businesses and hire people. They rich because of their smart or lucky decisions. They’re rich cuz they’re cheap. Just because they’re on the lucky spectrum, doesn’t mean you have to punish them because you’re jealous. Don’t point finger, go out there and change your life. If you try hard, you may be better, but your kids are gonna be better off if you teach them correctly, and your grandkids finally become rich and successful. That’s how the riches are made, passing from generational wealth.
@@vinchino And then there's the mutliple homes, multiple holidays, personal aeroplanes, ostentatious goods, and the like. I could forgive all that if they didn't hide their assets in complicated schemes, parking it in tax havens when they have made money from a population but don't want to funds hospitals, schools, etc. Even more, they shouldn't be lobbying for special treatment for themeselves and their businesses, or funding political misinformation or undermining democracy. That's what you call capitalism.
@@vinchinoNah, that’s exactly why we can’t trust them…. Because it’s pure LUCK. We should shift the economy from one of luck to one where the individual has power.
Doesn’t have to be communism or even letting go of Capitalism, but this isn’t really a good alternative.
This comment seethes with greed and envy. Also, it is NEVER free.
A wealth tax is sooo needed
Needed in what way? The extra tax money would just get sent overseas or spent in the military defense budget. What gain do u and I get from it? Why is it needed? It doesnt make any sense to me. I want less taxes for me and u and everyone else, even the billionaires. Why dont u not want that? Thanks
@@MRkriegs if you lived in a socialist (or at list not so capitalist) country, this money would be helpful but indeed, in the USA the money is just used to make rich richer, to go to war and fund other wars they don't go to. Wanting less tax for 90% of the population is logical, but wanting less tax for billionaires (who pay almost 0) is straight up stupd
@@juliandesutter3831 the fact u said billionaires pay almost 0 in taxes tell me u might not be ready to have this conversation
@@MRkriegs they me the same amount as a random worker so yeah it’s not normal and I don’t care about the fact that they are rich in actions
@@juliandesutter3831everyone wants lower tax, both poor and rich. It’s like saying you should pay more tax because you’re richer than someone in africa. Regardless how poor you are in your country, you’re considered extremely wealthy the eyes of someone in africa. So should you pay mor tax than him? You will feel unfair