Robert Reich Why We Need a Wealth Tax — Robert Reich Why We Need a Wealth Tax

Summary:
A wealth tax is not needed to "pay for" anything, since the US funds itself directly using currency issuance. That is, the US is a currency issuer rather than a user of currency.  The purpose of taxation is to: control for inflation  discourage taxed behavior  address social needs A wealth tax would address 2 and 3. Regarding 2, the negative behavior being discouraged is rent-seeking and a wealth tax would serve to preempt rent extraction. Regarding 3,  the social need being addressed is relative equality in a liberal democracy in order to obviate falling into oligarchy as a kind of neo-feudalism based on ownership. Robert ReichWhy We Need a Wealth Tax Robert Reich | Chancellor's Professor of Public Policy at the University of California at Berkeley and Senior Fellow at the Blum

Topics:
Mike Norman considers the following as important: fiscal policy, inequality, tax policy, wealth tax

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