Probleme einer Vermögensteuer in Deutschland: Eine ökonomische Analyse

Abstract

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Investment timing effects of wealth taxes under uncertainty and irreversibility

“…However, until now, no study has been conducted that addresses the investment and timing effects of a wealth tax in a stochastic environment with random cash flows. Particularly, as studies on the recently proposed tax on corporate and individual wealth in Germany indicate severe distortions (Spengel et al 2013;Hoppe et al 2016), the investment effects have to be analyzed prior to discussing potential distributional consequences. For example, Hoppe et al (2016) find in their company data-based simulation that on average 15% of corporations' equity is lost after six years of wealth taxation implying high risk for firms and jobs.…”

“…Furthermore,Atkinson (1971),Saez and Veall (2005), Piketty (2014),Auerbach and Hassett (2015). See, for example,Cnossen and Bovenberg (2001) for the Netherlands,Edson (2012) for Norway, Glennerster (2012) for U.K.,Keuschnigg et al (2013) for Austria,Sureth and Maiterth (2008),Maiterth and Houben (2012),Spengel et al (2013),Bach et al (2014),Hoppe et al (2016) for Germany.…”

Investment Effects of Wealth Taxes Under Uncertainty and Irreversibility

“…This could induce even lower total tax revenues than in an environment without wealth taxation. Glennerster (2012) for U.K., Ristea and Tranda…r (2010) for Romania, Keuschnigg et al (2013) for Austria, Sureth and Maiterth (2008), Schratzenstaller (2011), Maiterth andHouben (2012), Spengel, Evers, and Evers (2013), Bach, Beznoska, and Steiner (2014), Hoppe, Maiterth, and Sureth (2015) for Germany. Furthermore, Auerbach and Hassett (2015), who reviewed Piketty's work do not see a wealth tax as an appropriate policy instrument.…”

“…Particularly, as studies on the recently proposed tax on corporate and individual wealth in Germany indicate severe distortions (Spengel, Evers, andEvers 2013, Hoppe, Maiterth, andSureth 2015), the investment e¤ects have to be analyzed prior to discussing potential distributional consequences. For example, Hoppe et al (2015) …nd in their company data-based simulation that the tax burden on pro…ts is doubled on average and in some cases even quadrupled by the proposed wealth tax.…”