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Consumer Spending and Fiscal Consolidation: Evidence from a Housing Tax Experiment
Wednesday 24th August 2016
CINET:
1612
Surico, P. and Trezzi, R.
A major change of the property tax system in 2011 generated significant variation in the amount of housing taxes paid by Italian households. Using new questions added to the Survey on Household Income and Wealth (SHIW), we exploit this variation to provide an unprecedented analysis of the effects of property taxes on consumer spending. A tax on the main dwelling leads to large expenditure cuts among households with mortgage debt and low liquid wealth but generates only small revenues for the government. In contrast, higher tax rates on other residential properties reduce private savings and yield large tax revenues.
Keywords
Fiscal consolidation
marginal propensity to spend
mortgage debt
residential property taxes
E21
E62
H31