Wealth Taxation Solves Economic Inequality

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Economic inequality

Common Dreams

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Wealth taxation may sound like a good idea, but can it really address the problem of inequality?

Summary

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67% Informative

Wealth taxation may sound like a good idea, but can it really address, let alone solve, the problem of inequality? The richest 1 percent gained $42 trillion in new wealth over the past decade , which amounts to “ nearly 34 times more than the entire bottom 50 percent of the world’s population.” Inequality also undermines social mobility, contributes to political polarization and fuels authoritarianism.

We need ways to curb the power of big corporations and their drive to maximize shareholder value at the expense of everything else.

We should also set a cap on extreme wealth. There is no social value for having billionaires. We should abolish the superrich, perhaps an easier task, politically speaking, than finding ways to tax them.

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External references

https://truthout.org/articles/we-need-an-economy-without-bosses-and-managers-participatory-economics-is-how/https://www.theguardian.com/lifeandstyle/2024/apr/24/in-the-us-they-think-were-communists-the-70000-workers-showing-the-world-another-way-to-earn-a-living https://www.yesmagazine.org/democracy/2020/07/13/corporate-power-politics https://19thnews.org/2024/07/study-guaranteed-income-program-results/https://www.ipsos.com/en-us/news-polls/rich-are-getting-richer-low-income-americans-poorer https://www.journals.uchicago.edu/doi/abs/10.1017/S0022381613001229 https://www.thebalancemoney.com/trickle-down-economics-theory-effect-does-it-work-3305572 https://inequality.org/research/why-we-should-abolish-the-super-rich/https://participatoryeconomics.info/introduction/https://www.bloomberg.com/billionaires/https://www.oxfamamerica.org/explore/stories/how-are-billionaire-and-corporate-power-intensifying-global-inequality/https://eprints.lse.ac.uk/107919/1/Hope_economic_consequences_of_major_tax_cuts_published.pdf https://www.science.org/doi/10.1126/sciadv.abd4201 https://www.project-syndicate.org/commentary/inequality-source-of-lost-confidence-in-liberal-democracy-by-joseph-e-stiglitz-2023-08 https://truthout.org/articles/nobody-earns-a-billion-dollars-we-need-a-wealth-tax/https://www.oxfam.org/en/press-releases/top-1-percent-bags-over-40-trillion-new-wealth-during-past-decade-taxes-rich-reach https://thereader.mitpress.mit.edu/the-deep-and-enduring-history-of-universal-basic-income/https://americansfortaxfairness.org/big-corporations-paid-shockingly-little-taxes-last-year/https://www.oxfam.org/en/press-releases/richest-1-emit-much-planet-heating-pollution-two-thirds-humanity https://www.weforum.org/agenda/2024/01/corporations-fuelling-inequality-economy-profits/#:~:text=Corporate%20power%20is%20driven%20by,and%20is%20hastening%20climate%20breakdown.

Source diversity

truthout.org www.theguardian.com www.yesmagazine.org 19thnews.org www.ipsos.com www.journals.uchicago.edu www.thebalancemoney.com inequality.org participatoryeconomics.info www.bloomberg.com www.oxfamamerica.org eprints.lse.ac.uk www.science.org www.project-syndicate.org www.oxfam.org thereader.mitpress.mit.edu americansfortaxfairness.org www.weforum.org

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