Does a progressive wealth tax reduce top wealth inequality? Evidence from Switzerland
利用瑞士26个州1969年以来的顶层财富份额数据，研究发现顶层财富税率降低0.1个百分点会使5年后顶层1%和0.1%的财富份额分别增加0.9和1.2个百分点，过去50年的减税解释了约18%和25%的顶层财富集中度上升。
Abstract Like in many other countries, wealth inequality has increased in Switzerland over the last 50 years. By providing new evidence on cantonal top wealth shares for each of the 26 cantons since 1969, we show that the overall trend masks striking differences across cantons, both in levels and trends. Combining this with variation in cantonal wealth taxes, we then estimate an event study model to identify the dynamic effects of reforms to top wealth tax rates on the subsequent evolution of wealth concentration. Our results imply that a reduction in the top marginal wealth tax rate by 0.1 percentage points increases the top 1 per cent (0.1 per cent) wealth share by 0.9 (1.2) percentage points 5 years after the reform. This suggests that wealth tax cuts over the last 50 years explain roughly 18 per cent (25 per cent) of the increase in wealth concentration among the top 1 per cent (0.1 per cent).