American Economic Journal: Economic Policy
 2023
DOI: 10.1257/pol.20200685
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Taxing Billionaires: Estate Taxes and the Geographical Location of the Ultra-Wealthy

Enrico Moretti
1
,
Daniel J. Wilson
2

Abstract: We contribute to the literature on the effect of taxes on the locational choices of wealthy individuals by examining the geographical sensitivity of the Forbes 400 richest Americans to state estate taxes. Though we find billionaires’ effective tax rates are only about half the statutory rate, their residential choices are highly sensitive to these taxes, as 35 percent of local billionaires leave states with an estate tax. This tax-induced mobility causes a large reduction in the aggregate tax base. Nonetheless… Show more

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“…Recent literature has studied the mobility response of star athletes (Kleven, Landais, and Saez, 2013), inventors (Akcigit, Baslandze, and Stantcheva, 2016), star scientists (Moretti and Wilson, 2017), and the ultra-wealthy (Moretti and Wilson, 2023), all finding large mobility responses to tax differentials. But these cases may feature particularly high cross-border mobility both because they involve little location-specific human capital and because the workers studied tend to be less tied to specific firms (Kleven et al, 2020).…”
mentioning
confidence: 99%
Exaggerated anticipatory anxiety is common in social anxiety disorder (SAD). Neuroimaging studies have revealed altered neural activity in response to social stimuli in SAD, but fewer studies have examined neural activity during anticipation of feared social stimuli in SAD. The current study examined the time course and magnitude of activity in threat processing brain regions during speech anticipation in socially anxious individuals and healthy controls (HC). Method Participants (SAD n = 58; HC n = 16) underwent functional magnetic resonance imaging (fMRI) during which they completed a 90s control anticipation task and 90s speech anticipation task.
show abstract
“…Recent literature has studied the mobility response of star athletes (Kleven, Landais, and Saez, 2013), inventors (Akcigit, Baslandze, and Stantcheva, 2016), star scientists (Moretti and Wilson, 2017), and the ultra-wealthy (Moretti and Wilson, 2023), all finding large mobility responses to tax differentials. But these cases may feature particularly high cross-border mobility both because they involve little location-specific human capital and because the workers studied tend to be less tied to specific firms (Kleven et al, 2020).…”
mentioning
confidence: 99%
Exaggerated anticipatory anxiety is common in social anxiety disorder (SAD). Neuroimaging studies have revealed altered neural activity in response to social stimuli in SAD, but fewer studies have examined neural activity during anticipation of feared social stimuli in SAD. The current study examined the time course and magnitude of activity in threat processing brain regions during speech anticipation in socially anxious individuals and healthy controls (HC). Method Participants (SAD n = 58; HC n = 16) underwent functional magnetic resonance imaging (fMRI) during which they completed a 90s control anticipation task and 90s speech anticipation task.
show abstract
Exaggerated anticipatory anxiety is common in social anxiety disorder (SAD). Neuroimaging studies have revealed altered neural activity in response to social stimuli in SAD, but fewer studies have examined neural activity during anticipation of feared social stimuli in SAD. The current study examined the time course and magnitude of activity in threat processing brain regions during speech anticipation in socially anxious individuals and healthy controls (HC). Method Participants (SAD n = 58; HC n = 16) underwent functional magnetic resonance imaging (fMRI) during which they completed a 90s control anticipation task and 90s speech anticipation task.
show abstract
Exaggerated anticipatory anxiety is common in social anxiety disorder (SAD). Neuroimaging studies have revealed altered neural activity in response to social stimuli in SAD, but fewer studies have examined neural activity during anticipation of feared social stimuli in SAD. The current study examined the time course and magnitude of activity in threat processing brain regions during speech anticipation in socially anxious individuals and healthy controls (HC). Method Participants (SAD n = 58; HC n = 16) underwent functional magnetic resonance imaging (fMRI) during which they completed a 90s control anticipation task and 90s speech anticipation task.
show abstract
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