How does housing—an important asset for many households—affect the design of optimal wealth taxes? I analyze the macroeconomic and distributional consequences of wealth taxation using a model with two forms of wealth: capital used by entrepreneurs to produce goods, and housing that provides shelter services. Without housing, taxing wealth instead of capital income would improve the capital allocation and raise welfare. With housing, taxing capital and housing equally would worsen the capital allocation and lower welfare. Instead, wealth should be taxed progressively, exempting most housing, resulting in a worse capital allocation but high welfare gains.

中文翻译：

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住房对财富税设计的影响

住房——对许多家庭来说是一项重要资产——如何影响最优财富税的设计？我使用具有两种财富形式的模型来分析财富税的宏观经济和分配后果：企业家用于生产商品的资本和提供住房服务的住房。如果没有住房，对财富征税而不是对资本收入征税将改善资本配置并提高福利。对于住房，对资本和住房平等征税会恶化资本配置并降低福利。相反，应该对财富进行累进征税，免除大多数住房，从而导致资本配置更差，但福利收益却很高。