Does Inheritance Tax in Italy Deserve a Third Life|UNA TERZA VITA PER L’IMPOSTA DI SUCCESSIONE IN ITALIA?

Since its introduction in 1862, the Italian inheritance tax has experienced two lives: it has had two phases of growth, or stability, and twice it was nearly abolished, in 1923 and in 2000-2006. This article considers whether the tax should be granted a third life, reaching the following conclusions: (i) normatively, the inheritance tax is a good tax, especially when it is directed at large fortunes; (ii) it is a complement to the taxation of capital income and gains, and a valid alternative to wealth taxation; (iii) the inheritance tax could be especially relevant for Italy, as the current tax is very low, compared to the international experience; (iv) however, political economy circumstances are extremely adverse, due to social attitudes and government orientation; (v) at the same time, revenue requirements (as determined by expenditure needs and public debt reduction) may give new relevance to the tax.