Measuring and taxing top incomes and wealth

Arun Advani and Andy Summers

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: We discuss the measurement of top incomes and wealth in the UK and options for reforming their taxation. First, we highlight the importance of capital gains and migration in understanding long-term trends in top income shares and of survey under-coverage at the top in understanding top wealth shares. We next consider the scope for reforms to the taxation of capital to tackle these inequalities, whilst also improving the efficiency of taxation, emphasizing the roles of capital gains tax, inheritance tax and wealth taxes. Finally, we examine the question of who is taxed, including the tax treatment of highly mobile individuals and of trusts.

Keywords: capital gains tax; income inequality; non-doms; tax; wealth inequality; wealth tax (search for similar items in EconPapers)
JEL-codes: F3 G3 J1 (search for similar items in EconPapers)
Date: 2024-10-17
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Published in Oxford Open Economics, 17, October, 2024, 3, pp. i1113-i1129. ISSN: 2752-5074

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