Wealth tax is levied on the net worth of wealth.In theory and reality,wealth tax is burdened with huge controversies,which are directly related to the effects of this tax.Supporters of wealth tax emphasize that wealth tax has positive effects such as promoting equity,raising tax revenue and improving economic efficiency.Opponents of wealth tax argue that wealth tax would undermine equity,lead to a loss of economic and administrative efficiency,have a negative impact on tax revenue,and undermine tax competitiveness.Considering the effects of wealth tax and the reality,China should not establish wealth tax,but reform personal income tax and real estate tax,as well as levy inheritance and gift tax at an appropriate time according to the change of macroeconomic situation.
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