AI Article Synopsis

  • The study examines public attitudes towards proposed taxes to fund COVID-19 expenses, based on a 2020 survey in Luxembourg.
  • Respondents showed strong support for a one-time net wealth tax and inheritance tax, with 58% in favor of the wealth tax compared to only 24% supporting a VAT increase.
  • The research indicates that while there is higher approval for wealth taxes, larger tax amounts tend to face more resistance, suggesting the potential for a sizable one-time wealth tax to generate revenue while still maintaining public backing.

Article Abstract

Unlabelled: We study attitudes towards the introduction of hypothetical new taxes to finance the cost of the COVID-19 pandemic. We rely on survey data collected in Luxembourg in 2020. The survey asks for the agreement of respondents over: a one-time net wealth tax, an inheritance tax, a temporary solidarity income tax, and a temporary increase in VAT. All questions include different and randomly assigned tax attributes (tax rates and exemption amounts). We find a clear divide with relatively high support for new wealth and inheritance taxes on the one hand and a low support for increases in VAT and income taxes on the other hand. While 58% of respondents agree or strongly agree with a one-time tax levied on net worth, only 24% are in favor of a small increase in VAT. Support for any tax is however negatively associated with the size of the tax as measured by the predicted revenues. Our results indicate that a one-time wealth tax could raise substantial revenues and still garner public support.

Supplementary Information: The online version contains supplementary material available at 10.1007/s10797-022-09744-y.

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Source
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC9310375PMC
http://dx.doi.org/10.1007/s10797-022-09744-yDOI Listing

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