Journal article
The end of bank secrecy: implications for redistribution and optimal taxation
- Abstract:
- This paper argues that the ability to enforce taxes on offshore income may shape the redistributional properties of the tax system through two channels. First, it mechanically raises tax progressivity for given parameters of the tax system because high-income taxpayers own most of the offshore wealth. In the US, recent comprehensive reporting by offshore banks suggests the mechanical increase in average tax rates may be around 1.5 percentage points for the top 0.01 per cent and virtually zero below the top 1 per cent. Second, it may further raise tax progressivity by changing the trade-offs underlying optimal taxation in favour of higher taxation of top incomes.
- Publication status:
- Published
- Peer review status:
- Peer reviewed
Actions
Authors
+ Danish National Research Foundation
More from this funder
- Funder identifier:
- https://ror.org/00znyv691
- Publisher:
- Oxford University Press
- Journal:
- Oxford Review of Economic Policy More from this journal
- Volume:
- 39
- Issue:
- 3
- Pages:
- 565-574
- Publication date:
- 2023-08-18
- DOI:
- EISSN:
-
1460-2121
- ISSN:
-
0266-903X
- Language:
-
English
- Keywords:
- Pubs id:
-
1931671
- Local pid:
-
pubs:1931671
- Deposit date:
-
2024-09-04
Terms of use
- Copyright holder:
- Niels Johannesen
- Copyright date:
- 2023
- Rights statement:
- © The Author(s) 2023. Published by Oxford University Press. For permissions please e-mail: [email protected] This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model (https://academic.oup.com/pages/standard-publication-reuse-rights)
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