Calendrier du 12 mai 2020
Virtual Development Economics Seminar
Du 12/05/2020 de 17:00 à 18:30
JAYACHANDRAN Seema (Northwestern University)
Reshaping Adolescents' Gender Attitudes: Evidence from a School-Based Experiment in India
Du 12/05/2020 de 16:30 à 19:00
PSE, 48 Bd Jourdan 75014 Paris, Salle R1-09
SPITZER Yannay(Hebrew University of Jerusalem)
MESPLE-SOMPS Sandrine(IRD, Paris-Dauphine-PSL University, CNRS, LEDa, DIAL.)
NILSSON Björn(Université Paris Sud)
Like an Ink Blot on Paper: Testing the Diffusion Hypothesis of Mass Migration, Italy 1876-1920
Texte intégral
Paris Trade Seminar
Du 12/05/2020 de 14:30 à 16:00
PSE, Campus Jourdan, 48 boulevard Jourdan, 75014, Paris - salle R2-21
HANDLEY Kyle (Michigan)
POSTPONED
Applied Economics Lunch Seminar
Du 12/05/2020 de 14:00 à 15:00
Zoom
MARTíNEZ-TOLEDANO Clara (Imperial College London)
Paraísos Fiscales, Wealth and Mobility
écrit avec David Agrawal and Dirk Foremny
Historically, Spain had a centralized wealth tax, but since the late nineties the authority to set wealth taxes was decentralized to the regions. However, it was only following a brief suppression during the recent financial crisis that regions started to take substantial advantage of this decentralization. Although most regions levied top tax rates of 2.5% to 3.75%, Madrid elected not to adopt a wealth tax. This provides a unique opportunity to study the mobility of taxable wealth. We exploit administrative data on individual wealth tax returns prior to the decentralization, along with longitudinal data on individual capital income tax returns and residential locations. Exploiting a generalized difference-in-differences design, we find that regional wealth taxes substantially affect the location of taxable wealth. By four years following the decentralization, the share of wealth tax filers and the share of taxable wealth in Madrid increased by approximately 7%. We then turn to an individual location choice model and find that a one percentage point increase in the net-of-tax rate for a region increases the probability of relocating wealth to that region by 8 percentage points. The effects of wealth taxes are largest for older individuals, but do not depend on the amount of real estate, suggesting that the relocation of wealth is driven by tax evasion rather than real relocations. Overall, our results have important implications for the design of wealth taxes, as recently proposed in several countries.