Impact des droits de succession sur le comportement d’accumulation du patrimoine

Jonathan Goupille-Lebret and Arturo Infante

Revue française d'économie, 2016, vol. Volume XXXI, issue 1, 187-206

Abstract: This article investigates the impact of inheritance taxation on wealth accumulation. Our empirical strategy is based on a natural experiment created by the reforms of 1992 and 1998 on life insurance taxation at death. The analysis is based on a longitudinal data set of life insurance policies from Axa over the period 2003-2013. We estimate the elasticity of wealth accumulation with respect to inheritance marginal tax rate around 0.25. The elasticity reflects the aggregate effect of two different types of responses : (i) a substitution of life insurance for other assets (shifting among asset portfolio) and (ii) a substitution of life insurance for consumption (wealth disaccumulation). Our estimated elasticity should be seen as an upper bound of the true elasticity of taxable estate. Using our estimated elasticity of 0.25, we obtain a revenue-maximizing tax rate equal to 80%.

Date: 2016
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Related works:
Working Paper: Impact des droits de succession sur le comportement d’accumulation du patrimoine (2016)
Working Paper: Impact des droits de succession sur le comportement d’accumulation du patrimoine (2016)
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