Matt Ridley, More Wealth Taxes Are Coming?

From his New York Times article, July 20, 2013, “Wealth Taxes: A Future Battleground”

Key points,

  • Wealth has accumulated faster than income in recent decades
  • While a review of ‘debt to GDP’ can reveal scary numbers, looking alternatively at ‘debt to wealth’ is less forbidding.

Higher wealth in a nation means that there is more to take, and growing inequality means there are more problems that its government might seek to remedy.

Historically, economists…have generally favored taxes on consumption, on the grounds that they would do the least damage to long-term savings, investment and economic growth.

…in some eyes, rising wealth will become a tempting target for short-term political gain.

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