'wealth tax' in International Economics: IB Economics

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Joseph Stiglitz: tax high earners at 70% to tackle widening inequality | The super-rich | The Guardian | International Economics: IB Economics | Scoop.it

From www.theguardian.com - January 22, 2023 3:27 PM

Graham Watson's insight:

Joseph Stiglitz argues that there should be higher taxes for the super-rich suggesting that there's a case for an income tax rate of around 70% and a 2-3% wealth tax to reduce inequality. In both cases, he seems to argue that the role of luck, particularly as regards wealth, justifies higher taxes.

I'm cautiously inclined to agree with him - however, I'd also add that the capacity for the super-rich to increase both their incomes and wealth has been enhanced in recent times, which might justify higher taxes. And I'd also suggest that many of these gains seems to be divorced from any notably increase in their productivity.

However, at what point do such taxes act to disincentivise productive economic activity? And it's this that needs to be balanced against the desire for greater equality.

sheronlucia's curator insight, January 25, 2023 6:32 PM

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Kyla Perkinson's curator insight, June 28, 2019 12:54 PM

After listening to Bernie Sanders Speech on the unequal distribution of wealth in the U.S., I find this article to be very relevant. First of all, it shows that Sanders' speech is still important today, and it shows that some of the wealthiest people in the United States are working to redistribute money. They wrote a proposal to have higher taxes taken from them as a way to help prevent economic inequality and it would help with climate change as well. I think it is interesting that these wealthy people are asking to have more money taken away from them, but I believe that they are asking for the right thing.

International Economics: IB Economics

Ministers of Germany, Brazil, South Africa and Spain: why we need a global tax on billionaires | Svenja Schulze, Fernando Haddad, Enoch Godongwana, Carlos Cuerpo and María Jesús Montero | The Guardian

World’s five richest men double their money as poorest get poorer | Inequality | The Guardian

G20 must forge agreement to increase tax on rich, say campaigners | G20 | The Guardian

Call for new taxes on super-rich after 1% pocket two-thirds of all new wealth | Inequality | The Guardian

Tax wealth to help shrink inequality caused by Covid says IMF

Super-rich call for higher taxes on wealthy to pay for Covid-19 recovery | News | The Guardian

World's 26 richest people own as much as poorest 50%, says Oxfam | Business | The Guardian

World’s billionaires should pay minimum 2% wealth tax, say G20 ministers | Inequality | The Guardian

EU-funded report calls for wealth of super-rich to be taxed, not income | Tax avoidance | The Guardian

Joseph Stiglitz: tax high earners at 70% to tackle widening inequality | The super-rich | The Guardian

Clamour for wealth tax grows after revelations about super-rich’s affairs | Tax avoidance | The Guardian

Trickle-down economics doesn't work but build-up does – is Biden listening? | Robert Reich | Opinion | The Guardian

US billionaires' group calls for wealth tax

French government reconsiders wealth tax as protests intensify | World news | The Guardian