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...Mr Saez and Mr Zucman looked at public records of taxes paid on capital gains, and used them to infer the value of the underlying assets....
...But Saez and Zucman point out that there are massive exemptions in the estate tax, and because the very rich have a lower mortality rate than the average person, Summers and Sarin’s extrapolation underestimates...
...Summers has pointed out to me when he and Sarin contrasted the current revenue from US estate taxes of $25bn with Saez and Zucman’s expectation that a wealth tax could raise perhaps eight times more, this...
...Gabriel Zucman and Emmanuel Saez, advisers to Ms Warren, argue that 70 to 80 per cent of the wealth of the 0.001 per cent is in listed securities that trade daily and have a clear, market-based value....
...As Emanuel Saez and Gabriel Zucman show in their new book, The Triumph of Injustice, the top 400 wealthiest US families paid a lower real tax rate in 2018 than any other income group — at 23 per cent of...
...Saez and Zucman’s calculations show that the top 0.1 per cent’s share of private wealth has tripled from 7 per cent in the late 1970s to about 20 per cent today....
...This is, however, not all that different from inheritance or estate taxes, which in many countries take a comparably large cut out of a fortune when the owner dies....
...The Fed economists are particularly suspicious of Saez’s and Zucman’s claim that basically all of the increase in wealth at the very top in the past 15 years or so has taken the form of bonds and money funds...
...Top names in Italy such as Brunello and Barolo have been usurping the long-established estates of Bordeaux or hard-to-find Burgundies....
...Just look at the following chart, courtesy of Emmanuel Saez and Gabriel Zucman: If you zoom in on the household savings rate of the bottom 90 per cent, you see that it is only now about zero, up from about...
...income to be spent on items captured in the consumer price index rather than high end real estate and tax avoidance schemes modern art....
...major inputs are skilled labour, premium real estate, and jet fuel: Even if we just focus on more recent years, when oil price increases far outpaced inflation, airfare prices still managed to rise by less...
...The majority of wealth for the top 1 per cent normally consists of investment assets — stocks, other financial instruments, direct investments in companies, non-home real estate....
...In the US, the “fiscal cliff” in 2013 put the estate tax back to 40 per cent, but created a large exemption for estates of less than $5m....
...Real estate developers have accused Spanish banks of exacerbating a real estate crisis by cutting off credit to the sector....
...According to tax returns compiled by Thomas Picketty, an economist at Paris Jourdan Sciences Economiques, and Emmanuel Saez, an economist at Berkeley, the share of pre-tax income going to the top 1 per...
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