La patrimoniale non esiste

The term "wealth tax" (patrimoniale) is routinely invoked in Italian public debate, yet rarely defined with precision. This article argues that the confusion stems from treating a heterogeneous set of policy instruments as a single measure. Drawing on both historical precedents and contemporary economic thought, the author identifies four distinct approaches grouped under this label: emergency levies aimed at rapid revenue collection (as in Italy's 1992 forced bank withdrawal); progressive taxation of large fortunes, as theorized by Piketty, Saez, and Zucman, with the goal of curbing the self-reinforcing concentration of wealth; inheritance and succession taxes, favored by thinkers from Mill to Rignano, which target intergenerational transfers rather than accumulated stock; and universal capital endowments, proposed by Atkinson, designed to broaden access to property among those born without assets. A fifth, more pragmatic strand advocates not higher taxation but better taxation — improving the administration of existing levies on financial returns, capital gains, and real estate. The article concludes that productive debate requires moving beyond the label itself toward concrete questions: what wealth to tax, above what threshold, through which instruments, and in pursuit of which conception of fiscal justice.