Ahead of Tax Day next week, Oxfam presented five arguments for a wealth tax.
Wealth inequality in the United States is “more extreme and dangerous than income inequality” and could be alleviated by a federal wealth tax, a new report says.
“The... Wealth inequality in the United States is “more extreme and dangerous than income inequality” and could be alleviated by a federal wealth tax, a new report says. “The huge rise in pandemic wealth followed trillions of dollars being injected into financial markets to avert their collapse,” the report said. “This fresh cash, while vital to keeping economies afloat, ended up with the ultra-wealthy who were able to ride a stock market surge, without the guardrails of fairer taxation to share that wealth more equitably.”Meanwhile, Oxfam pointed to a “permanent underclass” in the nation, saying that almost a third of the U.S.
Proposals to hike taxes on the wealthy have drawn Republican ire. Sen. Chuck Grassley of Iowa, for example, criticized Biden’s latest budget for what he called “its reckless taxes and out-of-control spending,” denouncing it as “a roadmap to fiscal ruin.”
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