A progressive wealth tax: the proper way to tax billionaires
A progressive wealth tax is a powerful way to tax the very rich. A tax at a rate of 2% above $50 million and 3% above $1 billion would significantly increase the progressivity of the tax system and generate substantial tax revenue in the United States. A tax at a rate of 10% above $1 billion would reduce the concentration of wealth in the long run.
- How Would a Progressive Wealth Tax Work? Evidence from the Economics Literature (with Emmanuel Saez), February 2019.
- Scoring of Senator Elizabeth Warren’s wealth tax proposal (with Emmanuel Saez), January 2019. Updated, February 2021.
- Scoring of Senator Bernie Sanders’s wealth tax proposal (with Emmanuel Saez), September 2019.
- Response to Natasha Sarin and Larry Summers (with Emmanuel Saez), June 2019.
A global asset registry to regulate capitalism
We need a global asset registry recording the beneficial owners of the world’s financial and real assets. Such a registry would make it possible to not only reduce tax evasion, but also curb money laundering, monitor international capital flows, fight kleptocracy, and better measure inequality.
- The desperate inequality behind global tax dodging, The Guardian, Gabriel Zucman, 8 November 2017.
- Sanctions for offshore tax havens, transparency at home, New York Times, Gabriel Zucman, 7 April 2016.
- Un cadastre financier européen et américain serait un bien public mondial, Le Monde, Gabriel Zucman, 6 April 2016.
Stopping profit shifting and tax competition
There is nothing inherent in globalization that requires that the corporate tax should disappear. Tax competition is a choice, but other choices are possible. Any country could unilaterally apportion the global profits (or the global tax deficit) of multinational firms proportionally to where they make their sales. Such a system would put an end to multinationals’ tax avoidance and tax competition.
- Globalization, Taxes & Inequality, Seymour E. & Ruth B. Harris Lecture, Gabriel Zucman, Harvard University, October 2018.
- How Corporations and the Wealthy Avoid Taxes (and How to Stop Them), New York Times, Gabriel Zucman, 10 November 2017.
- La France peut prendre l’initiative d’un nouvel impôt fondé sur l’activité réelle des multinationales, Le Monde, Boris Vallaud et Gabriel Zucman, 13 November 2018.
- Pour une vraie taxation des GAFA, Les Echos, 30 May 2018.
- 40 % des profits des multinationales sont délocalisés dans les paradis fiscaux, Le Monde, Gabriel Zucman, 7 November 2017
- How to stop Trump from creating the world’s biggest tax haven, Le Monde (translated by WorldCrunch), Gabriel Zucman, 11 March 2017.
- Les Etats-Unis pourraient devenir le plus grand paradis fiscal de la planète, Le Monde, Gabriel Zucman, 8 March 2017.
- Taxing Across Borders: Tracking Personal Wealth and Corporate Profits, Journal of Economic Perspectives, Gabriel Zucman, 2014, 28(4): 121-148.
Regulating tax havens
Sanctions can change the incentives of the firms and countries that facilitate financial crimes. Banks and law firms found helping tax evasion should be put out of business. The United States and the European Union could apply proportional economic sanctions to non-cooperative tax havens. Tax cooperation needs to be put at the center of free-trade talks.
- If Ronaldo can’t beat Uruguay, the least he can do is pay taxes, New York Times, Gabriel Zucman, 3 July 2018.
- Tax evaders exposed: why the super-rich are even richer than we thought, The Guardian, Annette Alstadsæter, Niels Johannesen and Gabriel Zucman, 14 June 2017.
- Inequality is the great concern of our age. So why do we tolerate rapacious, unjust tax havens , The Guardian, Gabriel Zucman, 10 October 2015.
- Frappons plus durement les paradis fiscaux, Le Monde, Gabriel Zucman, 15 February 2015.
Fixing U.S. inequality
Income and wealth inequality have increased dramatically in the United States since the 1980s, much more than in the rest of the developed world. Policies play a key role in shaping the distribution of economic resources.
- Alexandria Ocasio-Cortez’s Tax Hike Idea Is Not About Soaking the Rich, New York Times, Emmanuel Saez and Gabriel Zucman, 22 January 2019.
- Republican tax plan slams workers and job creators in favor of the rich and inherited wealth, Washington Center for Equitable Growth, Emmanuel Saez and Gabriel Zucman, 7 November 2017.
- Our broken economy, in one simple chart, New York Times, David Leonhardt, 7 August 2017.
- Economic growth in the United States: a tale of two countries, Washington Center for Equitable Growth, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, 6 December 2016.
- Exploding wealth inequality in the United States, Washington Center for Equitable Growth, Emmanuel Saez and Gabriel Zucman, 20 October 2014.
- A progressive European wealth tax to fund the European Covid response, Camille Landais, Emmanuel Saez and Gabriel Zucman, voxeu.org, 03 April 2020.
- Jobs Aren’t Being Destroyed This Fast Elsewhere. Why is That New York Times, Emmanuel Saez and Gabriel Zucman, 30 March 2020.
- This crisis calls for massive government intervention: here’s how to do it, The Guardian, Emmanuel Saez and Gabriel Zucman, 17 March 2020.
- Keeping businesses alive: the government will pay, Emmanuel Saez and Gabriel Zucman, 16 March 2020.
- La flat tax est une bombe retardement pour les finances publiques, Le Monde, Gabriel Zucman, 25 October 2017.
- “En classe eco”: Series of interviews for Mediapart on the state of economics, with Camille Landais, 2015.