Equidad y eficiencia de los impuestos sobre la riqueza

Abstract

This paper explores the fairness and efficiency of wealth taxation as a policy tool to address rising economic inequality and support sustainable public finances. Amid growing global disparities in wealth distribution, particularly in the wake of the COVID-19 pandemic, the study evaluates various forms of wealth taxes, including recurrent net wealth taxes and inheritance taxes, through comparative case studies in France, Switzerland, and the United States. Drawing on empirical evidence, international recommendations, and economic theory, the paper analyzes the benefits of wealth taxation, such as promoting equity, enhancing social mobility, and generating revenue. Simultaneously, it examines critical challenges including capital flight, asset valuation difficulties, administrative complexity, and political resistance. The study proposes a modern wealth tax model targeting ultra-high-net-worth individuals, with progressive rates, a broad asset base, and coordinated international enforcement mechanisms. It argues that, when well-designed and implemented alongside complementary taxes on capital gains and inheritance, wealth taxes can contribute to a fairer and more resilient fiscal system. Ultimately, the paper concludes that wealth taxes are not a panacea but remain a vital, though underutilized, instrument in addressing inequality and reinforcing democratic legitimacy in contemporary economies.