Estate Taxes and Asset Accumulation
利用美国近四十年的总量和个体数据，分析遗产税变化对税收收入和资产积累的影响，发现高税率促使个人减少资产积累，尤其是流动性最强的资产。
This paper describes changes in the estate tax over the last few decades in the United States and analyzes its motivation and effects on tax revenue and asset accumulation. Utilizing both aggregate and individual data for the last four decades, we find evidence of individuals responding to higher estate tax rates by shifting away from asset accumulation. We also find some weaker evidence that much of it occurs through reductions in the most liquid forms of assets.