America’s Regressive Wealth Tax: State and Local Property Taxes

Arik Levinson

Working Papers from Georgetown University, Department of Economics

Abstract: Most taxes in the United States are levied on income flows, not capital stocks. One notable exception is state and local property taxes. This note documents their magnitude and regressivity. Property taxes account for more than 30 percent of state and local tax revenue, and amount to an effective wealth tax rate of 0.86 percent on the assets of the median US homeowner. The effective property-wealth tax rates are highest for younger, lower-income homeowners.

Keywords: Inequality; wealth tax; property tax (search for similar items in EconPapers)
JEL-codes: H2 H7 (search for similar items in EconPapers)
Pages: 9
Date: 2021-07-12
New Economics Papers: this item is included in nep-acc, nep-pbe, nep-pub and nep-ure
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Journal Article: America’s regressive wealth tax: state and local property taxes (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:geo:guwopa:gueconwpa~21-21-18

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