Data and Code for: Wealth Tax Mobility and Tax Coordination

We study the effects of decentralized wealth taxation on mobility and the effectiveness of tax coordination at mitigating tax competition. We exploit the reintroduction of the Spanish wealth tax, after which all regions except Madrid levied positive tax rates. We find the mobility responses to wealth taxes are within the range of prior estimates with respect to income taxes. However, wealth tax mobility responses generate losses to personal income tax revenues that are six times larger than the direct losses to wealth taxes. Madrid could achieve higher total regional revenues by agreeing to a harmonized positive tax rate.<br><br>

我们研究了分散化财富税对流动性的影响，以及税收协调在缓解税收竞争方面的有效性。我们利用西班牙财富税重新引入这一事件展开分析——此后，除马德里外的所有地区均征收正税率。研究发现，财富税引发的流动性反应处于此前针对所得税的估计范围内；然而，此类流动性反应导致的个人所得税收入损失，是财富税直接损失的六倍。马德里若同意采用统一的正税率，可实现更高的区域总收入。