By Verena Kley
The taxation of bequests has lengthy been and nonetheless is topic to extensive discussions in lots of industrialized international locations. brought on via those discussions, Verena Kley analyzes the taxation of bequests from monetary views, concentrating on wealth transfers of very wealthy contributors. Given empirical findings, bequests of those contributors generate virtually the complete sales from wealth move taxation. because of this, their particular personal tastes end up to be decisive for the optimum taxation of bequests. the writer analyzes normative in addition to confident implications for optimum wealth move taxation, accounting for a ‚capitalist spirit’ – normally linked to the higher tail of the wealth distribution.
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Extra info for The Taxation of Capitalistic Bequests
Despite their differences, both approaches indicate why many fortunes end up in charitable foundations which, in contrast to own descendants, often better accomplish benefactor’s will. Assuming that, with increasing wealth, individuals rather dedicate utility to the immortality of own lifework and property than to family concerns, this chapter analyzes the preferences of rich individuals – referred to as ’capitalists’ – their motives to save and to bequeath and the impact of a wealth transfer tax on their behavior.
Showing that, individuals, planning their bequests, regard transfers less attractive as soon as an estate tax is levied and consequently reduce savings in favor of consumption. Hence, these studies claim that a tax on wealth transfers cause 24 2 Optimal wealth transfer taxation: a review of existing literature a reduction in wealth formation and thereby a decrease in capital accumulation throughout the entire economy. However, Gale and Perozek (2000) argue that the estate tax not only affects the behavior of the testators but that of the recipients as well.
Contrary, Davies and Shorrocks (2000) argue that capitalistic bequests cannot be described as a result of the pure existence of wealth, but are rather induced by the desire of immortality. Thus, the installation of a foundation or the transfer of a business empire could not be reﬂected by mere monetary wealth at the end of life. 29 This is due to the fact that individuals do not accumulate growing amounts of wealth, until a critical wealth level is reached. Only above this level, the saving rate continuously increases, and individuals are able to leave capitalistic bequests.
The Taxation of Capitalistic Bequests by Verena Kley