Estate taxation, entrepreneurship, and wealth
By: Marco Cagetti, Mariacristina De Nardi
Contributors: De Nardi, Mariacristina
Series: Working paper series -- WP-2007-08; Working paper series (Federal Reserve Bank of Chicago. Research Department : Online) -- WP-2007-08.
Publisher: Federal Reserve Bank of Chicago
Published: 2007
Place of publication: Chicago, Ill.]
Language: eng
Format: [electronic resource] /
Subjects: Inheritance and transfer tax; Taxation
Description: "We study the effects of abolishing estate taxation in a quantitative and realistic framework that includes the key features that policy makers are worried about: business investment, borrowing constraints, estate transmission, and wealth inequality.  We use our model to estimate effective estate taxation.  We consider various tax instruments to reestablish fiscal balance when abolishing estate taxation.  We find that abolishing estate taxation would not generate large increases in inequality, and would, in some cases, generate increases in aggregate output and capital accumulation.  If, however, the resulting revenue shortfall were financed through increased income or consumption taxation, the immensely rich, and the old among those in particular, would experience a welfare gain, at the cost of welfare losses for the vast majority of the population"--Federal Reserve Bank of Chicago web site.
Notes: Title from PDF file as viewed on 8/27/2007.

Includes bibliographical references.

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Mode of access: World Wide Web.