Is it possible to tax the super-rich?

Andy Summers

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

Abstract: A major constraint on progressive tax reform is that somehow, the richest always seem to find ways not to pay. Is this inevitable? Focusing on the UK context, I begin by reviewing two past attempts to raise taxes on those at the top – the changes to the top rate and dividend rates of income tax, and reforms to ‘non-dom’ tax status – and explore whether and why these policies failed. I then discuss three key policy areas that must be addressed to successfully increase taxes on the super-rich: capital taxes (on capital gains, inheritances and gifts), the challenges posed by international mobility of assets and individuals, and trusts. Reform of these areas could directly raise additional revenue from the super-rich and would also provide a backstop needed to support more familiar levers such as increasing the top income tax rate

Keywords: tax policy; the super-rich; planning and avoidance; behavioural responses (search for similar items in EconPapers)
JEL-codes: D31 H20 (search for similar items in EconPapers)
Date: 2022-11-24
New Economics Papers: this item is included in nep-pbe
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Published in LSE Public Policy Review, 24, November, 2022, 2(4). ISSN: 2633-4046

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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:121990

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