Abstract
The purpose of the paper is to study the economic issues of wealth, which is the rationale and basis for the introduction of a wealth tax. This is due to current sustainable trends in wealth growth and an increase in the number of wealthy individuals. The aim is to determine the economic content, preconditions for the emergence and spread of wealth, to reflect the historical aspects of the development of wealth and its current state, to determine market conditions for the availability of wealth. At the same time, the goal is also the economic justification of wealth from the standpoint of the possibilities of its taxation. The topic of the article is due to the need to reveal the modern market infrastructure for the formation and growth of wealth, its economic status in the context of tax opportunities. In this regard, the economic essence of wealth as a potential subject of taxation is considered, the specifics of the functioning of the wealth tax in a market economy, the most important features of the functioning of the wealth tax are determined. Methodology. Economically adequate and objective justification of wealth in terms of the effectiveness of market conditions for its formation and growth allows us to assess the effectiveness of the economic system and the possibilities of public policy in the context of its taxation. This partially ensures the redistribution of public revenues, public goods and wealth. The survey is based on a theoretical generalization and analysis of empirical data on the market economy, wealth generation and its taxation. Results. The issue of wealth and its economic nature is studied. The importance of wealth for society and the state is determined. The economic specifics of wealth for its taxation are substantiated. Practical implications. Market requirements and opportunities for the formation and increase of wealth are studied. Adequate assessment of the preconditions for taxation is carried out. On this basis, the content of the wealth tax and the preconditions for its introduction are studied. The specifics of the functioning of the wealth tax in a market socially oriented economy are considered. Wealth taxation is considered from the standpoint of economic, social and fiscal efficiency. Value/originality. It was found that wealth – a comprehensive, multi-faceted category, which can be characterized as a specific feature of the socio-economic structure of society, which determines its condition, results, dynamics and development tendencies. Wealth characterizes the ability to achieve a positive result in market conditions of managing and using the existing social and economic potential in the community, as evidenced by its level of civilization development. The peculiarities of the functioning of the wealth tax in different countries of the world are considered. The using of the wealth tax as a fiscal instrument in the state tax system is suggested.
Highlights
In the modern world, the tax is a holistic and complex social institution that has a long history and directly reflects the level of socio-economic, financial, economic and political development at a particular stage of social evolution
At the level of the whole set of taxpayers, the fiscal fairness of the wealth tax is embodied in the fact that its collection provides significant individual discounts and deductions, which significantly reduces the tax burden: the exemptions significantly increase the tax-free minimum, as some private property is not included to the taxable base
It should be noted that the fact of the introduction of the wealth tax is not a natural accident, but a complex and lengthy process consisting of numerous procedures
Summary
The tax is a holistic and complex social institution that has a long history and directly reflects the level of socio-economic, financial, economic and political development at a particular stage of social evolution. Taxes represent in essence a specific form of financial and economic relations between the state and society, a certain part of which is a taxpayer The basic basis for the introduction of a wealth tax for the affluent category of society is the object of taxation – wealth. In this situation, wealth has not an arbitrary abstract form, but, instead, a clear form and a specific monetary value, which, in turn, has an individual character and personalization in relation to the taxpayer – the wealth taxpayer. Wealth tax is the most perfect type of state tax in the tax system of the state, which is the most perfect form of fiscal administration in the context of individual-personal (income and property) taxation of income (property) of citizens
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