<
https://www.theguardian.com/news/2023/jan/22/joseph-stiglitz-economist-income-tax-high-earners-70-per-cent-inequality>
"Joseph Stiglitz, the Nobel prize-winning Keynesian economist, has called for
the super-rich to be subjected to taxes as high as 70% to help tackle widening
inequality.
Stiglitz, who won the Nobel prize in economics in 2001 and pioneered many ideas
about globalisation and inequality, said introducing a special worldwide income
tax rate of 70% on the highest earners “would clearly make sense”.
“People at the top might work a little bit less if you tax them more. But on
the other hand, our society gains in having a more egalitarian, cohesive
society,” the former World Bank chief economist, 79, told Oxfam’s Equals
podcast.
Currently, the top rate of income tax in the UK is 45% on annual earnings above
£150,000. In the US, the highest rate of tax is 37% on earnings above $539,901.
Stiglitz said that while an increase in the top rate on income would help lead
to a more equal society, introducing wealth taxes on the fortunes accumulated
by the world’s wealthiest over many generations would have an even bigger
impact.
“We should be taxing wealth at a higher rate, because much of the wealth is
inherited wealth, [for example] – the young Walmarts, inherited their wealth,”
he said."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
