THE ECONOMIC BASIS OF WEALTH AND ITS TAXATION

The purpose of this paper is to examine the current problems of wealth, which is due to the current steady trends of increasing wealth and the increasing number of wealthy people. The aim of the paper is to define the essence, prerequisites for the emergence and development of wealth, as well as to reflect the historical aspects of the evolution of wealth and its present state. The topic of the article is conditioned by the necessity to reveal modern stratification of social strata by the level of wealth, formation of society's wealthy class and its growth, processes of wealth creation and multiplication. At the same time, the purpose of the article is to study wealth as an object of taxation. In this connection, the economic essence of wealth tax and prerequisites for its introduction were considered, the specifics of functioning of wealth tax in the market economy were determined, and the most important features of functioning of wealth tax were revealed. Methodology. A correct analysis of the social structure of society in terms of material well-being makes it possible to assess the efficiency of the economy and the quality of public policy in the system of creation and distribution of public income, public goods and wealth. Without the results of these calculations, fatal errors arise in the choice of state priorities of socio-economic policy and in making optimal decisions in the financial sphere. The study is based on the comparison of wealth tax data in different countries. Results. The question and modern specificity of wealth is explored. The value of wealth to society and the state is determined. Wealth tax is an effective fiscal instrument of the state in the distribution of state revenues. Wealth tax exists in many countries in various forms. Practical implications. Possibilities of increasing welfare and increasing wealth are considered. An adequate assessment of wealth and well-being will allow the state to conduct a balanced and effective socio-economic and financial policy to stabilize society and adopt a stable social order. The financial essence of the wealth tax and the prerequisites for its introduction were studied. The specifics of functioning of wealth tax in the market socially oriented economy are considered. Value/originality. It was found that wealth is a complex, multifaceted category, which can be characterized as a specific feature of the socio-economic structure of society, which determines its state, results, dynamics and trends of development. Wealth characterizes the ability to achieve a positive result (effect) in the market conditions of management and use of socio-economic potential available in the society, which indicates the level of its civilizational development. The features of functioning of wealth tax in different countries of the world are considered. The use of wealth tax as a fiscal tool in the tax system of the state was proposed.