Question A:
A wealth tax would be an effective way to reduce inequality.
Responses
© 2025. Kent A. Clark Center for Global Markets.
15%
0%
0%
10%
23%
33%
19%
Responses weighted by each expert's confidence
© 2025. Kent A. Clark Center for Global Markets.
0%
13%
22%
39%
26%
Question B:
A wealth tax in a form discussed in the UK (where individuals could be taxed a percentage of their net worth over £750,000, excluding any personal pension savings and their main home) would be an effective way to improve public finances after the Covid-19 crisis.
Responses
© 2025. Kent A. Clark Center for Global Markets.
15%
2%
6%
17%
23%
38%
0%
Responses weighted by each expert's confidence
© 2025. Kent A. Clark Center for Global Markets.
10%
16%
26%
48%
0%
Question C:
A public policy goal that could be accomplished with a well-enforced wealth tax could be accomplished at lower cost with modifications to existing taxes, such as income tax, capital gains tax, inheritance tax and property tax.
Responses
© 2025. Kent A. Clark Center for Global Markets.
15%
2%
0%
8%
33%
35%
6%
Responses weighted by each expert's confidence
© 2025. Kent A. Clark Center for Global Markets.
0%
10%
29%
50%
11%
Question A Participant Responses
Participant |
University |
Vote |
Confidence |
Bio/Vote History |
|---|---|---|---|---|
 Franklin Allen |
Imperial College London | Bio/Vote History | ||
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A wealth tax is effective where asset prices are readily available but in many countries, particularly in Europe this is not the case.
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 Pol Antras |
Harvard | Bio/Vote History | ||
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Hard to argue that it would not if properly implemented (i.e., addressing potential loopholes)
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 Oriana Bandiera |
London School of Economics | Bio/Vote History | ||
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 Olivier Blanchard |
Peterson Institute | Bio/Vote History | ||
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 Nicholas Bloom |
Stanford | Bio/Vote History | ||
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Wealth taxes have some major distortions, so it would reduce inequality but be economically very costly. Hence I would prefer an income tax.
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 Richard William Blundell |
University College London | Bio/Vote History | ||
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 Elena Carletti |
Bocconi | Did Not Answer | Bio/Vote History | |
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 Jean-Pierre Danthine |
Paris School of Economics | Bio/Vote History | ||
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A wealth tax would clearly be a positive move in the intended direction. It will not be a silver bullet.
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 Paul De Grauwe |
LSE | Bio/Vote History | ||
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In order to have strong redistributive effects the wealth tax should have a progressive feature
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 Jan Eeckhout |
UPF Barcelona | Bio/Vote History | ||
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 Ernst Fehr |
Universität Zurich | Bio/Vote History | ||
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 Xavier Freixas |
Barcelona GSE | Bio/Vote History | ||
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 Nicola Fuchs-Schündeln |
Goethe-Universität Frankfurt | Did Not Answer | Bio/Vote History | |
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 Jordi Galí |
Barcelona GSE | Bio/Vote History | ||
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 Francesco Giavazzi |
Bocconi | Bio/Vote History | ||
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 Rachel Griffith |
University of Manchester | Bio/Vote History | ||
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 Veronica Guerrieri |
Chicago Booth | Did Not Answer | Bio/Vote History | |
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 Luigi Guiso |
Einaudi Institute for Economics and Finance | Bio/Vote History | ||
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main cause of wealth concentration is heterogeneity in returns to wealth; a feasible wealth tax can only lower heterogeneity a bit
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 Sergei Guriev |
Sciences Po | Bio/Vote History | ||
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 Patrick Honohan |
Trinity College Dublin | Bio/Vote History | ||
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It could be, but history suggests that large loopholes would enable most of the super-rich to avoid it.
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 Beata Javorcik |
University of Oxford | Bio/Vote History | ||
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 Botond Kőszegi |
Central European University | Bio/Vote History | ||
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 Jan Pieter Krahnen |
Goethe University Frankfurt | Bio/Vote History | ||
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A wealth tax will lower inequality only if the resulting wealth transfer/tax avoidance activities do not outweigh the intended effect.
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 Eliana La Ferrara |
Harvard Kennedy | Bio/Vote History | ||
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 Christian Leuz |
Chicago Booth | Bio/Vote History | ||
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It is one lever to fight ineq but lots of issues w/implementing WT well. Issues w/progressive consumption tax as alternative too, so unclear
-see background information here -see background information here |
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 Thierry Mayer |
Sciences-Po | Did Not Answer | Bio/Vote History | |
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 Costas Meghir |
Yale | Bio/Vote History | ||
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 Peter Neary |
Oxford | Bio/Vote History | ||
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 Marco Pagano |
Università di Napoli Federico II | Bio/Vote History | ||
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Of course much depends on how it is implemented!
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 Lubos Pastor |
Chicago Booth | Bio/Vote History | ||
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Much wealth is not liquid, not easy to monetize. Also incentives to hide wealth (gold, paintings).
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 Torsten Persson |
Stockholm University | Did Not Answer | Bio/Vote History | |
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 Christopher Pissarides |
London School of Economics and Political Science | Bio/Vote History | ||
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 Richard Portes |
London Business School | Bio/Vote History | ||
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 Canice Prendergast |
Chicago Booth | Bio/Vote History | ||
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 Carol Propper |
Imperial College London | Bio/Vote History | ||
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 Imran Rasul |
University College London | Bio/Vote History | ||
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 Lucrezia Reichlin |
London Business School | Did Not Answer | Bio/Vote History | |
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 Rafael Repullo |
CEMFI | Bio/Vote History | ||
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The effect on inequality is likely to be small.
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 Hélène Rey |
London Business School | Bio/Vote History | ||
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 Antoinette Schoar |
MIT | Bio/Vote History | ||
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 Kjetil Storesletten |
University of Minnesota | Bio/Vote History | ||
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As a tool for addressing inequality, progressive income taxes is more effective than wealth taxes
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 Daniel Sturm |
London School of Economics | Did Not Answer | Bio/Vote History | |
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 John Van Reenen |
LSE | Bio/Vote History | ||
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 John Vickers |
Oxford | Bio/Vote History | ||
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Reform of the hotch-potch of existing capital taxes might be more effective. Simply adding to the hotch-potch could backfire.
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 Hans-Joachim Voth |
University of Zurich | Bio/Vote History | ||
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The superrich will find ways to avoid it - it will underimne wealth accumulation by the bottom 95%
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 Karl Whelan |
University College Dublin | Bio/Vote History | ||
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Just yes.
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 Charles Wyplosz |
The Graduate Institute Geneva | Bio/Vote History | ||
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It works but is it the best?
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 Fabrizio Zilibotti |
Yale University | Bio/Vote History | ||
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Question B Participant Responses
Participant |
University |
Vote |
Confidence |
Bio/Vote History |
|---|---|---|---|---|
|
Franklin Allen |
Imperial College London | Bio/Vote History | ||
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It would probably not raise too much revenue if rates are low. If rates are high many people might leave so again it will not raise much.
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Pol Antras |
Harvard | Bio/Vote History | ||
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Oriana Bandiera |
London School of Economics | Bio/Vote History | ||
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Olivier Blanchard |
Peterson Institute | Bio/Vote History | ||
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Nicholas Bloom |
Stanford | Bio/Vote History | ||
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All the money would leave the country. Sounds great on paper, but in the real world this would cause an rush of cash abroad, damaging the UK
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Richard William Blundell |
University College London | Bio/Vote History | ||
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Elena Carletti |
Bocconi | Did Not Answer | Bio/Vote History | |
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Jean-Pierre Danthine |
Paris School of Economics | Bio/Vote History | ||
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I tend to agree although I am uncertain as to the percentage of tax receipts that such a tax would raise
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Paul De Grauwe |
LSE | Bio/Vote History | ||
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Jan Eeckhout |
UPF Barcelona | Bio/Vote History | ||
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Ernst Fehr |
Universität Zurich | Bio/Vote History | ||
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Xavier Freixas |
Barcelona GSE | Bio/Vote History | ||
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Nicola Fuchs-Schündeln |
Goethe-Universität Frankfurt | Did Not Answer | Bio/Vote History | |
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Jordi Galí |
Barcelona GSE | Bio/Vote History | ||
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Francesco Giavazzi |
Bocconi | Bio/Vote History | ||
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Rachel Griffith |
University of Manchester | Bio/Vote History | ||
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Veronica Guerrieri |
Chicago Booth | Did Not Answer | Bio/Vote History | |
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Luigi Guiso |
Einaudi Institute for Economics and Finance | Bio/Vote History | ||
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That is like taxing the top 1%. If they have 30% of wealth and wealth to income is 3 , that would increase revenues by 1% of GDP
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Sergei Guriev |
Sciences Po | Bio/Vote History | ||
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With negative yields on government debt, there is no pressure to "improve public finances"
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Patrick Honohan |
Trinity College Dublin | Bio/Vote History | ||
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Could be a useful addition to the tax toolbox. Buy, where used, wealth taxes have yield relatively small percentage of tax revenue.
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Beata Javorcik |
University of Oxford | Bio/Vote History | ||
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Botond Kőszegi |
Central European University | Bio/Vote History | ||
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Jan Pieter Krahnen |
Goethe University Frankfurt | Bio/Vote History | ||
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Eliana La Ferrara |
Harvard Kennedy | Bio/Vote History | ||
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Christian Leuz |
Chicago Booth | Bio/Vote History | ||
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Know little about UK specifics but disagree w/ notion to create new tax to restore finances post covid. Perhaps one-off tax better?
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Thierry Mayer |
Sciences-Po | Did Not Answer | Bio/Vote History | |
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Costas Meghir |
Yale | Bio/Vote History | ||
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Peter Neary |
Oxford | Bio/Vote History | ||
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Effective yes. Politically feasible? Unclear
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Marco Pagano |
Università di Napoli Federico II | Bio/Vote History | ||
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Much depends on the tax rate and on tax enforcement.
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Lubos Pastor |
Chicago Booth | Bio/Vote History | ||
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Torsten Persson |
Stockholm University | Did Not Answer | Bio/Vote History | |
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Christopher Pissarides |
London School of Economics and Political Science | Bio/Vote History | ||
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A tax on excess profits made during the pandemic by the likes of Amazon and Ocado would be much better
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Richard Portes |
London Business School | Bio/Vote History | ||
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Canice Prendergast |
Chicago Booth | Bio/Vote History | ||
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Carol Propper |
Imperial College London | Bio/Vote History | ||
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While a wealth tax is a good idea, there are evasion/avoidance issues that need to be tackled, and the higher the rate, the more of this.
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Imran Rasul |
University College London | Bio/Vote History | ||
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Lucrezia Reichlin |
London Business School | Did Not Answer | Bio/Vote History | |
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Rafael Repullo |
CEMFI | Bio/Vote History | ||
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The effect on public finances is likely to be small.
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Hélène Rey |
London Business School | Bio/Vote History | ||
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Antoinette Schoar |
MIT | Bio/Vote History | ||
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Kjetil Storesletten |
University of Minnesota | Bio/Vote History | ||
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Tax base is small after deducting main home plus net worth of $1,000,000. Therefore tax rate must be very large to raise substantial revenue
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Daniel Sturm |
London School of Economics | Did Not Answer | Bio/Vote History | |
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John Van Reenen |
LSE | Bio/Vote History | ||
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John Vickers |
Oxford | Bio/Vote History | ||
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Hans-Joachim Voth |
University of Zurich | Bio/Vote History | ||
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Karl Whelan |
University College Dublin | Bio/Vote History | ||
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Not sure about the framing. Arguments for a wealth tax should not be about "fixing public finances". Exclusions from the tax seem big.
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Charles Wyplosz |
The Graduate Institute Geneva | Bio/Vote History | ||
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RIch people move, with their feet and their tax-advisors.
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Fabrizio Zilibotti |
Yale University | Bio/Vote History | ||
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Question C Participant Responses
Participant |
University |
Vote |
Confidence |
Bio/Vote History |
|---|---|---|---|---|
|
Franklin Allen |
Imperial College London | Bio/Vote History | ||
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Probably there's an MM type theorem out there but whether the assumptions are reasonable is doubtful. Monetary policy may be a better way.
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Pol Antras |
Harvard | Bio/Vote History | ||
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Oriana Bandiera |
London School of Economics | Bio/Vote History | ||
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Olivier Blanchard |
Peterson Institute | Bio/Vote History | ||
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not sure about the ``lower cost'' part. there are equivalence theorems, and then it depends on implementation problems.
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Nicholas Bloom |
Stanford | Bio/Vote History | ||
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Having worked in the UK treasury on tax policy - and dealt with taxes in the real world - details matter. A wealth tax would not work well.
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Richard William Blundell |
University College London | Bio/Vote History | ||
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Elena Carletti |
Bocconi | Did Not Answer | Bio/Vote History | |
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Jean-Pierre Danthine |
Paris School of Economics | Bio/Vote History | ||
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Other taxes may be more efficient at raising funds. Green taxes may be less distortionary. A wealth tax should be part of the package!
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Paul De Grauwe |
LSE | Bio/Vote History | ||
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Jan Eeckhout |
UPF Barcelona | Bio/Vote History | ||
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Ernst Fehr |
Universität Zurich | Bio/Vote History | ||
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Xavier Freixas |
Barcelona GSE | Bio/Vote History | ||
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Nicola Fuchs-Schündeln |
Goethe-Universität Frankfurt | Did Not Answer | Bio/Vote History | |
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Jordi Galí |
Barcelona GSE | Bio/Vote History | ||
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Francesco Giavazzi |
Bocconi | Bio/Vote History | ||
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Rachel Griffith |
University of Manchester | Bio/Vote History | ||
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Veronica Guerrieri |
Chicago Booth | Did Not Answer | Bio/Vote History | |
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Luigi Guiso |
Einaudi Institute for Economics and Finance | Bio/Vote History | ||
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Sergei Guriev |
Sciences Po | Bio/Vote History | ||
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Patrick Honohan |
Trinity College Dublin | Bio/Vote History | ||
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Beata Javorcik |
University of Oxford | Bio/Vote History | ||
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Botond Kőszegi |
Central European University | Bio/Vote History | ||
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Jan Pieter Krahnen |
Goethe University Frankfurt | Bio/Vote History | ||
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Eliana La Ferrara |
Harvard Kennedy | Bio/Vote History | ||
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Christian Leuz |
Chicago Booth | Bio/Vote History | ||
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Equivalence w/ capital income tax under some conditions; some arguments in favor of WT (see below), but there are also inher and prop taxes.
-see background information here |
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Thierry Mayer |
Sciences-Po | Did Not Answer | Bio/Vote History | |
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Costas Meghir |
Yale | Bio/Vote History | ||
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Peter Neary |
Oxford | Bio/Vote History | ||
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In principle, yes. Raising capital gains tax in particular would tax flows of new wealth. But a wealth tax is still desirable.
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Marco Pagano |
Università di Napoli Federico II | Bio/Vote History | ||
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Lubos Pastor |
Chicago Booth | Bio/Vote History | ||
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Torsten Persson |
Stockholm University | Did Not Answer | Bio/Vote History | |
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Christopher Pissarides |
London School of Economics and Political Science | Bio/Vote History | ||
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The administration of a wealth tax would be a nightmare and the ones that will get away will be the wealthiest. More money for accountants
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Richard Portes |
London Business School | Bio/Vote History | ||
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Canice Prendergast |
Chicago Booth | Bio/Vote History | ||
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Carol Propper |
Imperial College London | Bio/Vote History | ||
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Imran Rasul |
University College London | Bio/Vote History | ||
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Lucrezia Reichlin |
London Business School | Did Not Answer | Bio/Vote History | |
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Rafael Repullo |
CEMFI | Bio/Vote History | ||
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Hélène Rey |
London Business School | Bio/Vote History | ||
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depends on implementation
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Antoinette Schoar |
MIT | Bio/Vote History | ||
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Kjetil Storesletten |
University of Minnesota | Bio/Vote History | ||
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Property taxes can raise large revenue with small distortions. Use progressive income taxes and dividend taxes to address inequality
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Daniel Sturm |
London School of Economics | Did Not Answer | Bio/Vote History | |
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John Van Reenen |
LSE | Bio/Vote History | ||
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John Vickers |
Oxford | Bio/Vote History | ||
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Hans-Joachim Voth |
University of Zurich | Bio/Vote History | ||
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Karl Whelan |
University College Dublin | Bio/Vote History | ||
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There are lots of ways to tax wealth but objections to raising inheritance taxes etc. will be just as strong as objections to a wealth tax.
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Charles Wyplosz |
The Graduate Institute Geneva | Bio/Vote History | ||
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Fabrizio Zilibotti |
Yale University | Bio/Vote History | ||
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