The Role and Design of Net Wealth Taxes in the OECD

Intro
 Foreword
 Acknowledgments
 Executive summary
 Chapter 1. Overview of individual net wealth taxes in OECD countries
 Very few OECD countries still have net wealth taxes
 Revenues from wealth taxes have typically been very low
 Over time, wealth tax revenues have generally not increased despite significant wealth growth
 Other taxes on property play a bigger role than wealth taxes in OECD tax systems but overall property tax revenues remain limited
 References
 Chapter 2. Trends in the distribution of income and wealth
 Income inequality has increased in the last 30 years Wealth is more concentrated than incomeThe composition of wealth varies with taxpayers\' levels of wealth
 Wealth holdings generally follow a lifecycle pattern
 Notes
 References
 Chapter 3. The case for and against individual net wealth taxes
 Characteristics of net wealth taxes
 Comparing net wealth tax with personal capital income taxes
 Interaction between capital income tax rates and the net wealth tax base
 Comparing net wealth taxes with other taxes on personal property
 The case for net wealth taxes
 Reducing wealth inequality and promoting equality of opportunity Wealth provides benefits above and beyond incomeNet wealth taxes could be an efficient substitute for capital income taxes by encouraging a more productive use of assets
 Net wealth taxes could be a substitute for taxes on capital gains
 Net wealth taxes could be used as a substitute for inheritance taxes
 Promoting human capital investment
 The case against net wealth taxes
 Double taxation
 Distortions to savings and investment
 Negative effects on entrepreneurship and risk-taking
 Liquidity concerns
 Penalisation of low-return and less diversified assets Horizontal inequity over the lifecycleCapital flight and fiscal expatriation
 Tax avoidance and evasion
 Valuation and other administrative issues
 Summary and policy implications
 Notes
 References
 Chapter 4. Net wealth tax design issues
 Government level
 Tax unit
 Tax exemption thresholds
 Taxed assets, exemptions and reliefs
 Debt deductibility
 Valuation rules
 Tax rates
 Caps on total tax liability
 Tax filing and payment procedures
 Anti-avoidance/evasion rules
 Avoidance/evasion through trusts
 Avoidance through the exemption for business assets
 Avoidance through tax caps Hiding assets abroadPolitical economy considerations
 Notes
 References
 Chapter 5. Conclusions and policy implications
 Annex A. OECD questionnaire on current and historical net wealth taxes