ECONOMICS AND TAXATION OF WEALTH

The purpose of the paper is to study current issues of wealth, which is due to current sustainable trends in wealth growth and increasing the number of wealthy individuals. The aim is to determine 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 current state. The topic of the article is caused by the need to reveal the modern social stratification of population by the level of wealth, the formation of a wealthy class of society and its growth, the processes of creating and increasing wealth. At the same time, the purpose of the article is to study wealth as an object of taxation. In this regard, an economical essence of the wealth tax and its introduction preconditions are considered, the specificity of functioning of wealth tax in a market economy, the most important features of wealth tax functioning are determined. Methodology. Proper analysis of the social structure of society in terms of material wealth allows to evaluate the efficiency of the economy and the quality of public policy in the system of creating and distributing public revenues, public goods and wealth. Fatal mistakes in choosing the state priorities of socio-economic policies and making the best decisions in the financial sphere appear without the results of these calculations. The survey is based on a comparison of data of wealth tax in different countries. Results. The question and the modern specifics of wealth are investigated. The value of wealth for society and the state is determined. The wealth tax is an effective fiscal tool of the state in the distribution of public revenues. The wealth tax exists in many countries in various forms. Practical implications. The possibilities of improving well-being and increasing wealth are explored. Adequate assessment of the level of well-being and wealth would enable the state to carry out a balanced and effective socio-economic and financial policy to stabilize society and adopt a stable public order. The financial essence of the wealth tax and its introduction preconditions are investigated. The specificity of functioning of wealth tax in a social market economy is considered. Value/originality. It has been found that wealth is a comprehensive, multi-faceted category, which can be characterized as a specific feature of the socio-economic structure of society, which determines its condition, results, dynamics and development tendencies. Wealth characterizes the ability to achieve a positive result (effect) in market conditions of managing and using the existing social and economic potential in the community, as evidenced by its level of civilization development. The peculiarities of the functioning of the wealth tax in different countries of the world are considered. The using of the wealth tax as a fiscal instrument in the state tax system is suggested.