The Wealth Tax
A Policy Proposal
DOI:
https://doi.org/10.1016/1057-0810(91)90020-YAbstract
In the 198Os, wealthy U.S. taxpayers have enjoyed soaring interest and dividend incomes. At the same time, the higher income tax brackets have been eliminated. Furthermore, interest payments on the national debt have crowded out a rising proportion of useful public programs from available public revenues. Government has been borrowing from wealthy taxpayers instead of taxing them. A tax on wealth is proposed to return government to fairness and to fiscal responsibility. The details of a wealth tax are explained, a particular form of wealth tax is proposed, and the issues involved in wealth taxation are discussed. Journal of Economic Issues, Vol. 24, No. 1 (March 1990), pp. 133-144. (Reprinted with permission of the Journal of Economic Literature.)
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