Working Papers
The Anatomy of Capital Returns over the Very Long Run: Germany, 1465–2025
Economics Working Paper 26128
November 6, 2026
Published: June 29, 2021
Policy makers have continued to support tax hikes on high earners in the hope of resolving budget shortfalls. But people respond to changes in tax rates. Tax rate increases in California led many high earners to move, bringing in less revenue than expected.
Discussion Questions
Additional Resources
- Read “California’s Tax-the-Rich Folly,” by Joshua Rauh. Available here https://bit.ly/2TYvzjD.
- Read “Behavioral Responses to State Income Taxation of High Earners: Evidence from California,” by Joshua Rauh and Ryan J. Shyu. Available here: https://bit.ly/2SmBpuy.
- Read “State Taxation and the Reallocation of Business Activity: Evidence from Establishment-Level Data,” by Joshua Rauh. Available here: https://stanford.io/3pCp9Cg.
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