PERSONAL INCOME TAX AND THE TAXATION OF BILLIONAIRES: IS THE HAIG-SIMONS MODEL FEASIBLE?

José M. Domínguez, Carmen Molina and Ana Patricia Montes

No 2024/0326, Working Papers REM from ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa

Abstract: The purpose of this paper is to analyse the tax proposal made in the United States for the taxation of billionaires, which introduces elements of the concept of income in the Schanz-Haig-Simons tradition. In particular, attention is paid to the tax treatment of unrealised capital gains, which marks an important difference between the different personal income tax models. The theoretical background is reviewed, the problems of its practical application are also addressed, and a quantitative comparison of the implications of recurrent and deferred taxation options is made.

Keywords: personal income tax; billionaires tax; Haig-Simons model. (search for similar items in EconPapers)
JEL-codes: H24 (search for similar items in EconPapers)
Date: 2024-05
New Economics Papers: this item is included in nep-acc, nep-pbe and nep-pub
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Persistent link: https://EconPapers.repec.org/RePEc:ise:remwps:wp03262024

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