Prominent economics prof: ‘Wealth tax’ needed to reduce inequality

A prominent economics professor penned an op-ed on Sunday saying federal taxes ought to be based on individual wealth rather than income in order to  “reduce inequality.”

 “Wealth inequality has worsened for two decades and is now at an extreme level,” wrote Daniel Altman, who is a professor of economics at New York University’s Stern School of Business, in the an opinion piece published last Sunday in the New York Times.Altman added that a wealth tax would “allocate opportunities more equitably and efficiently” while ensuring “society did not become unduly polarized.”

Altman did, however, note that such a proposal would “present some complications.”

For instance, he argues that a “cottage industry would spring up to help wealthy people lessen their exposure to the new tax” and that to solve for it “the federal government would need new rules for the reporting and valuation of assets.”

But ultimately, the professor concludes “the benefits of the wealth tax would make these adjustments worthwhile.”

According to his faculty biography, Altman is president of North Yard Economics and chief economist of the online knowledge forum, Big Think.

Comments

Comments

  1. Josh Mann says:

    It is astonishing and frightening that this man is an educator. Before assuming that the rich getting richer is due to a lack of government involvement, he might want to look for the more elementary causes. It takes money to make money, not a secret. The internet! How can you know it exists and act surprised about the growth of wealth!? As for the rudimentary growth of wealth in the middle class, it is not evil rich people holding us down. It is the culture we live in today. The culture that demonizes cspitalism and portrays mitt romney as a laughing stock

Polititainment

Obama: LeBron 'did the right thing'

President Obama supports LeBron James' decision to wear an "I can't breathe" t-shirt during warmup before the NBA game between the Cleveland Cavaliers and Brooklyn Nets last week.

Al Sharpton, Hollywood's Sony Liaison

In a private meeting with Rev. Al Sharpton at the Greenwich Hotel in New York City Thursday, Sony Pictures chair Amy Pascal told Sharpton that he could have a voice in how the movie studio makes its films.

Clooney: Release 'The Interview' online

George Clooney may have the most awesomely toothy response to the Sony Pictures cyberattack that forced the movie studio to pull the film "The Interview" from its December 25 release.

Jon Stewart might ruin your childhood

Jon Stewart brought his nightmare-inducing recurring character “Gitmo” on the show to talk about the normalization of U.S. relations with Cuba.

Colbert's embargo on the Vatican

Colbert had to chide his audience Wednesday night for getting excited about making “Cuba more libre.”

White House

Obama: we can’t have censorship subject to ‘some dictator someplace’

WASHINGTON (AP) — President Barack Obama declared Friday that Sony "made a mistake" in shelving a satirical film about a plot to assassinate North Korea's leader, and he pledged the U.S. would respond "in a place and manner and time that we choose" to the hacking attack on Sony that led to the withdrawal. The FBI blamed the hack on the communist government.

U.S. confirms North Korea was behind Sony attack and promises ‘proportional’ response

Officials no longer merely suspect North Korea to be behind the cyberattack on Sony Picture—they’ve confirmed it.

District court declares Obama’s executive action on immigration unconstitutional
A federal court in Pennsylvania declared parts of President Obama’s executive actions on immigration unconstitutional Tuesday. Judge Arthur J. Schwab, sitting in the western district of Pennsylvania, said presidents do have the power to use discretion in deciding how to enforce laws, but found that Obama’s recent executive action went much further than that.  He said Obama was writing […]
Obama administration extends Pell grants to juvenile offenders
The Obama administration has set out new guidelines that allow for students sentenced to juvenile correctional facilities to be eligible for federal Pell grants. The U.S. Department of Education and Department of Justice sent out a joint release Monday that clarified an earlier law. Congress in 1994 prohibited inmates at federal and state prisons from receiving Pell Grants […]
White House denies report that it wants to delay release of CIA torture report

The White House is insisting it wants the Senate Intelligence Committee to release its report on CIA torture practices, despite a report that Secretary of State John Kerry is trying to scuttle it.

Congress

Rubio says Rand Paul is clueless on Cuba

Sen. Marco Rubio made his criticism of a fellow Republican plain Thursday night.

Gowdy's office responds to Speaker chatter

Rep. Trey Gowdy has become a sensation on the Right, with his no-nonsense style and committee hearing takedowns of Obama officials garnering him praise and attention.

Rand Paul: 'Opening up Cuba is a good idea'

Sen. Rand Paul broke with the Republican Party's prevailing argument against President Obama's Cuba policy Thursday, saying the move toward opening trade with the long-embargoed nation "probably" is a good idea.

Retiring DemHenry Waxman's farewell ode to govt

You'd think that, 40 years in, a congressman might grow cynical about the prospects of government meddling. Not retiring Rep. Henry Waxman (D-Calif.)!

Senate Confirms Pro-Gun Control Surgeon General
NATIONAL JOURNAL — The Senate narrowly confirmed a new surgeon general whose nomination was delayed for months in a fight over his comments alleging that guns are a public health issue. The confirmation represents a victory for gun-control advocates, even as recent polling has shown Americans moving in the other direction toward gun-rights protections. The […]