AMONG THE Democrats seeking America's presidency, wealth taxes are a core division between the left and centre. Experts disagree on whether plutocrats can wriggle out of such levies, because few rich countries use them. Data on inheritance taxes, a close cousin, are also spotty. But a new study by Enrico Moretti of the University of California, Berkeley and Daniel Wilson of the Federal Reserve Bank of San Francisco suggests that at the state level, governments can reap gains from estate taxes, even though they are easy to avoid.
展开▼
