Wealth tax neutrality holds under stochastic volatility and Epstein-Zin utility but fails for HARA preferences, while real taxes introduce distortions through non-uniform assessment, price effects, progressive thresholds that boost risk-taking near boundaries, and labor supply responses.
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Extensions to the Wealth Tax Neutrality Framework
Wealth tax neutrality holds under stochastic volatility and Epstein-Zin utility but fails for HARA preferences, while real taxes introduce distortions through non-uniform assessment, price effects, progressive thresholds that boost risk-taking near boundaries, and labor supply responses.