Upon completion of this course, participants will be able to:

• Differentiate between a net wealth tax, an estate tax, and an inheritance tax, analyzing their design features.
• Evaluate the economic arguments for and against taxing wealth and wealth transfers (equity vs. efficiency).
• Analyze complex valuation issues for non-liquid assets (e.g., private equity, real estate) in the tax base.
• Identify common legal challenges and avoidance techniques related to wealth transfer taxes.
• Understand the administrative and compliance burdens of implementing a comprehensive net wealth tax.
• Examine the international experience, including reasons for the decline and recent re-emergence of wealth taxes.
• Propose policy solutions to mitigate capital flight and aggressive tax planning associated with these taxes.
• Assess the distributional impact and revenue potential of various wealth tax proposals.

• Tax Policy Analysts and Advisors
• Economists specializing in Distributional Issues and Public Finance
• Tax Lawyers and Estate Planning Professionals
• Senior Tax Administrators (Audit and Compliance)
• Legislative Staff and Fiscal Committee Members
• Wealth Management and Private Banking Professionals
• Academics and Researchers in Inequality Studies

• Group debate on the equity and efficiency trade-offs of a Net Wealth Tax.
• Case studies of complex asset valuation disputes in inheritance tax (Individual Exercise).
• Scenario analysis of designing an "exit tax" to counter capital flight.
• Discussions on the constitutional and legal viability of wealth tax proposals.
• Guest lectures from tax administrators who managed wealth tax compliance.

Unit 1: Rationale and Design Fundamentals

• Wealth accumulation, inequality, and the case for wealth taxation
• Conceptualizing ability-to-pay and the taxation of lifetime economic benefits
• The impact of wealth taxes on saving, investment, and entrepreneurship
• Addressing issues of complexity and perceived double taxation

• Key design features of a recurrent **Net Wealth Tax**
• Key design features of an **Estate Duty** (taxing the deceased"s estate)
• Key design features of an **Inheritance Tax** (taxing the beneficiary)

Unit 2: Base Definition and Valuation Challenges

• Inclusion and exclusion of assets (primary residence, pensions, trusts)
• Taxation of business assets and owner-occupied property
• Treatment of liabilities and netting rules for a "net" wealth tax

• Valuation methodologies for listed securities and financial assets
• Valuation of hard-to-value assets: private business interests and intellectual property
• The role of expert valuation and penalties for undervaluation

Unit 3: Legal and Avoidance Issues

• Constitutional limits on the power to tax wealth (e.g., due process, property rights)
• Legal issues related to trusts, foundations, and offshore structures
• Addressing liquidity issues and "payment-in-kind" mechanisms

• Common legal avoidance strategies (e.g., shifting domicile, structuring asset ownership)
• Tax policy responses to capital flight (e.g., exit taxes, residency rules)
• The role of international tax transparency and information exchange (CRS)

Unit 4: Administrative and International Experience

• The institutional requirements for effective wealth tax administration
• The role of technology and integrated asset registries (data matching)
• Compliance burden on taxpayers and administrative costs for the state

• Analysis of historical net wealth taxes (e.g., Europe) and reasons for their repeal
• Recent proposals and implementations of wealth taxes globally
• Comparative analysis of successful inheritance/estate tax systems (e.g., US, UK)

Unit 5: Policy Integration and Reform

• Integrating wealth taxes with income tax and capital gains tax systems
• Designing effective exemptions and thresholds to target only extreme wealth
• The political economy of wealth tax implementation and public opinion