| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26387 |
| 来源ID | Working Paper 26387 |
| Taxing Billionaires: Estate Taxes and the Geographical Location of the Ultra-Wealthy | |
| Enrico Moretti; Daniel J. Wilson | |
| 发表日期 | 2019-10-21 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | 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 law to identify the tax sensitivity of the ultra-wealthy's locational choices. Before 2001, estate tax liabilities for the ultra-wealthy were independent of where they live due to a federal credit. In 2001, the credit was eliminated and their estate tax liabilities suddenly became highly dependent on where they live. 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 billionaires' sensitivity to the estate tax increases significantly with age. Overall, billionaires' geographical location appears to be highly sensitive to estate taxes. When we estimate the effect of billionaire deaths on state tax revenues, we find a sharp increase in revenues in the three years after a Forbes billionaire's death, totaling $165 million for the average billionaire. In the last part of the paper, we estimate the revenue costs and benefits for each state of having an estate tax. The benefit is the 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. Of the states that currently do not have estate taxes, all but California would experience revenue gains if they adopted estate taxes. |
| 主题 | Public Economics ; Labor Economics ; Regional and Urban Economics ; Regional Economics |
| URL | https://www.nber.org/papers/w26387 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584061 |
| 推荐引用方式 GB/T 7714 | Enrico Moretti,Daniel J. Wilson. Taxing Billionaires: Estate Taxes and the Geographical Location of the Ultra-Wealthy. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26387.pdf（1567KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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