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Title page 1

Contents 1

EXECUTIVE SUMMARY 1

INTRODUCTION 2

WEALTH TAX BASICS 2

WEALTH TAXES ABROAD 4

COMPLEX ADMINISTRATION 8

TAX AVOIDANCE AND CAPITAL MOBILITY 9

WHO BEARS THE BURDEN OF WEALTH TAXES? 10

IS WEALTH A PROBLEM? 12

IS A FEDERAL WEALTH TAX CONSTITUTIONAL? 14

HOW TO TAX CAPITAL 14

CONCLUSION 16

Tables 3

Table 1. Low wealth tax rates produce high income tax equivalents 3

Table 2. Annual wealth taxes on individuals 5

Figures 4

Figure 1. Wealth taxes are increasingly rare in OECD countries 4