The Capital Levy in Theory and Practice

Author / Creator

Eichengreen, Barry J

Available as

Online

Summary

Abstract: A capital levy is a one-time tax on all wealth holders with the goal of. Abstract: retiring public debt. This paper reconsiders the historical debate over the. Abstract: capital levy in a...

Abstract: A capital levy is a one-time tax on all wealth holders with the goal of.

Abstract: retiring public debt. This paper reconsiders the historical debate over the.

Abstract: capital levy in a contingent capital taxation framework. This shows how in.

Abstract: theory the imposition of a levy can be welfare improving when adopted to.

Abstract: redress debt problems created by special circumstances, even if its.

Abstract: nonrecurrence cannot be guaranteed. If the contingencies in response to which.

Abstract: the levy is imposed are fully anticipated, independently verifiable and not.

Abstract: under government control, then saving and investment should not fall following.

Abstract: the imposition of the levy, nor should the government find it more difficult to.

Abstract: raise revenues subsequently.

Abstract: In practice, serious problems stand in the way of implementation. A capital.

Abstract: levy has profound distribution consequences. Property owners are sure to.

Abstract: resist its adoption. In a democratic society, their objections are guaranteed.

Abstract: to cause delay. This provides an opportunity for capital flight, reducing the.

Abstract: prospective yield, and allows the special circumstances prOViding the.

Abstract: justification for the levy to recede in the past. The only successful levies.

Abstract: occur in cases like post-World War II Japan, where important elements of the.

Abstract: democratic process are suppressed and where the fact that the levy was imposed.

Abstract: by an outside power minimized the negative impact on the reputation of.

Abstract: subsequent sovereign governments.

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