000			01957nam a22002537a 4500
003			ES-MaBCM
005			20250320125810.0
008			250320s2024 sp |||||s|||| 00| 0 eng d
040			_cES-MaBCM
100	1		_aMicó-Millán, Isabel _9130428
245	1	0	_aInheritance Tax Avoidance Through the Family Firm _cIsabel Micó-Millán _h[Recurso electrónico]
260			_aMadrid _b : Banco de España _c , 2024
300			_a54 p.
490	0		_aDocumentos de Trabajo _v2446
504			_aBibliografía: p. 33-36
520			_aThis paper demonstrates that family firms act as vehicles for inheritance tax avoidance among wealthy individuals. By leveraging a major tax reform in Catalonia, which widened the tax rate differential between tax-favored and non-tax-favored assets, I study assetshifting responses to the change in inheritance taxation. To identify causal effects, I use the universe of inheritance tax returns and a difference-in-difference design comparing wealthy descendants to other wealthy heirs who were minimally affected by the policy change. After the tax reform, wealthy descendants inherit substantially more wealth through tax-favored assets. This effect is driven entirely by the top 0.5% of descendants, whose inheritances strongly shift towards equity in family firms. This change in the composition of inheritances is consistent with wealthy testators transferring assets to their firms as capital contributions before their passing. My estimates suggest that Catalonia forgoes 27% of current inheritance and gift tax revenues due to the reclassification of private wealth as business wealth via family firms.
650		0	_aEvasión fiscal
650		7	_aImpuesto de sucesiones y donaciones
650		7	_aRiqueza
651		4	_aEspaña _9115342
856			_uhttps://mpr.koha.es/cgi-bin/koha/opac-retrieve-file.pl?id=c3b9f76df560bad96528cd0a8ad01fd6 _yDESCARGAR DOCUMENTO
942			_cLE
999			_c230063 _d230063