Understanding Wealth‐Tax Rates: An Investor‐Utility Mapping to Capital‐Gains Taxes
推导了财富税率与已实现资本利得税率之间的投资者效用比较，发现风险厌恶和投资期限会放大财富税的影响，例如1%财富税对长期风险厌恶投资者相当于25%资本利得税。
ABSTRACT Wealth‐tax rates are formulated as fractions of a capital stock, rather than fractions of income from capital, which makes them difficult to compare with other (income‐based) tax rates. We derive investor‐utility comparisons between wealth‐tax rates and realized capital‐gains tax rates, capturing two crucial features absent in naive comparisons: Risk‐aversion and investment horizon, both of which magnify the effect of wealth taxes vis‐ à‐vis capital‐gains taxes. In numerical calibrations, we show that whereas a 1‐percent wealth tax might naively be judged equivalent to a 10% capital‐gains tax, a more accurate figure for a long‐run risk‐averse investor is 25%.