[VIERNES] Seminario Economía PUJ: Juliana Londoño (UCLA)

[Nicolas Alejandro Lillo Bustos]

Estimados colegas,

 

Junto con saludarlos, los invito al Seminario de Economía de la Pontificia Universidad Javeriana. Este se realizará el viernes vía Zoom. A continuación, los detalles del seminario:

 

• Invitada: Juliana Londoño (UCLA) (página personal)
• Título: Behavioral Responses to Wealth Taxation: Evidence from a Developing Country (link al paper)
• Coautores: Javier Ávila-Mahecha
• Abstract: We study behavioral responses to personal wealth taxes using Colombian tax microdata from 1993 to 2016 linked with the leaked Panama Papers, which shed light on offshoring to Colombia’s most relevant tax havens. We exploit four reforms that modified the wealth tax schedule (exemption threshold and tax rates) and introduced discrete jumps in the tax liability. For identification, we use bunching techniques and difference-in-differences analyses. There are three key findings. First, taxpayers immediately respond to wealth taxation by lowering their reported wealth below the bracket cutoffs, slashing revenue by up to one-fifth. We describe how the design of the wealth tax shapes the magnitude of this behavioral response. Second, a compliers characteristics approach reveals this response is driven by misreporting; specifically, taxpayers inflate debt and underreport assets not covered by third-party reporting. Third, the wealthiest taxpayers hide assets in hard-to-track entities in tax havens to avoid the wealth tax.
• Link Zoom: https://javeriana-edu-co.zoom.us/j/86861873846
• Hora: 12:30 – 14:00
• Día: Viernes 28 de mayo de 2021

 

 

Nicolás A. Lillo Bustos, Phd.

Profesor Asistente

Departamento de Economía

Pontificia Universidad Javeriana

Bogotá, Colombia

 

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[Nicolas Alejandro Lillo Bustos]

Estimados colegas,

 

Junto con saludarlos, los invito al Seminario de Economía de la Pontificia Universidad Javeriana. Este se realizará HOY vía Zoom. A continuación, los detalles del seminario:

 

• Invitada: Juliana Londoño (UCLA) (página personal)
• Título: Behavioral Responses to Wealth Taxation: Evidence from a Developing Country (link al paper)
• Coautores: Javier Ávila-Mahecha
• Abstract: We study behavioral responses to personal wealth taxes using Colombian tax microdata from 1993 to 2016 linked with the leaked Panama Papers, which shed light on offshoring to Colombia’s most relevant tax havens. We exploit four reforms that modified the wealth tax schedule (exemption threshold and tax rates) and introduced discrete jumps in the tax liability. For identification, we use bunching techniques and difference-in-differences analyses. There are three key findings. First, taxpayers immediately respond to wealth taxation by lowering their reported wealth below the bracket cutoffs, slashing revenue by up to one-fifth. We describe how the design of the wealth tax shapes the magnitude of this behavioral response. Second, a compliers characteristics approach reveals this response is driven by misreporting; specifically, taxpayers inflate debt and underreport assets not covered by third-party reporting. Third, the wealthiest taxpayers hide assets in hard-to-track entities in tax havens to avoid the wealth tax.
• Link Zoom: https://javeriana-edu-co.zoom.us/j/86861873846
• Hora: 12:30 – 14:00
• Día: Viernes 28 de mayo de 2021

 

Atentamente,

 

Nicolás A. Lillo Bustos, Phd.

Assistant Professor

Department of Economics

Pontificia Universidad Javeriana

Bogotá, Colombia