Measuring and taxing top incomes and wealth

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...

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Bibliographic Details
Published in:Oxford Open Economics 2024-07, Vol.3 (Supplement_1), p.i1113-i1129
Main Authors: Advani, Arun, Summers, Andy
Format: Article
Language:English
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Summary: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.
ISSN:2752-5074
2752-5074
DOI:10.1093/ooec/odad063