![]() More revenue is something that is sorely needed, as the US government holds a tremendous amount of debt, said Stiglitz, and will have to spend even more to recover from the coronavirus pandemic, which has already decimated countless businesses and individuals' wallets. sometimes you can organize ways of avoiding income tax so that the wealth tax can actually be a very effective tax," he said. ![]() ![]() "The wealth tax often can get income that can be avoided or evaded through capital income tax. (A wealth tax is a tax on the value of an individual's net worth, which is different from an income tax, which is based on a person's earned income.) So it "makes sense to ask to this group" of wealthy people to contribute more "to the public good" via a wealth tax, Piketty said.īeyond that, a wealth tax would raise more money for the government than the income tax does, Stiglitz said. ![]() ( Amazon CEO Jeff Bezos, for instance, saw his net worth surpass $200 billion in August.) And at the same time, the wealthiest people in the world are growing exponentially richer, often at rates faster than the economy overall, said Piketty, who is an author and a professor at the Paris School of Economics and the The School for Advanced Studies in the Social Sciences. ![]()
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