Tag Archives | wealth tax

To Reduce Inequality, Tax Wealth, Not Income

Picture: Kriplozoik (CC)

Disinfonauts have known about this idea for quite some time.  And the idea was floated by the floundering Lib Dem Party leader in Britain earlier this year.  But only just now does it seem to be gaining traction in the mainstream American press.  By Daniel Altman in the New York Times:

 WHETHER you’re in the 99 percent, the 47 percent or the 1 percent, inequality in America may threaten your future. Often decried for moral or social reasons, inequality imperils the economy, too; the International Monetary Fund recently warned that high income inequality could damage a country’s long-term growth. But the real menace for our long-term prosperity is not income inequality — it’s wealth inequality, which distorts access to economic opportunities.

Wealth inequality has worsened for two decades and is now at an extreme level. Replacing the income, estate and gift taxes with a progressive wealth tax would do much more to reduce it than any other tax plan being considered in Washington.
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