OECD urges higher inheritance taxes in wake of pandemic
Inheritance taxes are too small a proportion of many governments' revenues and need to rise in the wake of the Covid pandemic, according to a new (11 May) report by the Organisation for Economic Cooperation and Development (OECD).
The report, called ‘Inheritance Taxation in OECD Countries', compared inheritance, estate and gift taxes across the 37-member OECD, and explored the potential role these taxes could play in raising revenues, addressing inequalities and improving efficiency of future tax systems.
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It found that on average, the inheritances and gifts reported by the wealthiest households (top 20%) are close to 50 times higher than those reported by the poorest households (bottom 20%).