Prominent economics prof: ‘Wealth tax’ needed to reduce inequality

Oliver Darcy
Reporter
165
Total Shares

A prominent economics professor penned an op-ed on Sunday saying federal taxes ought to be based on individual wealth rather than income in order to  “reduce inequality."

A prominent economics professor contended in an op-ed that the U.S. government should implement a "wealth tax."

“Wealth inequality has worsened for two decades and is now at an extreme level,” wrote Daniel Altman, who is a professor of economics at New York University’s Stern School of Business, in the an opinion piece published last Sunday in the New York Times.

Altman added that a wealth tax would “allocate opportunities more equitably and efficiently” while ensuring “society did not become unduly polarized.”

Altman did, however, note that such a proposal would “present some complications.”

For instance, he argues that a “cottage industry would spring up to help wealthy people lessen their exposure to the new tax” and that to solve for it “the federal government would need new rules for the reporting and valuation of assets.”

But ultimately, the professor concludes “the benefits of the wealth tax would make these adjustments worthwhile.”

According to his faculty biography, Altman is president of North Yard Economics and chief economist of the online knowledge forum, Big Think.

He has previously advised the British government on matters related to economics and is currently serving on the Council on Foreign Relations.

Altman is also the founder of the Emerging Design Centers initiative and the author of four books on economics. His commentary has appeared in The Economist, The International Hearld Tribune, and he was one of the youngest members placed on the New York Times editorial board.

Follow the author of this article on twitter: @oliverdarcy

Oliver Darcy

Oliver Darcy

Reporter

Oliver Darcy is the Editor of Digital Media at the Leadership Institute’s CampusReform.org, where he is tasked with reporting on waste, fraud, and abuse taking place on our nation's college campuses. Additionally, he is responsible for editing the website’s video content and graphic design.

Prior to joining the Leadership Institute, Oliver founded ExposingLeftists.com, a video driven website dedicated to exposing the inherent failures found at the core of liberal philosophies.

Oliver holds his bachelors of arts degree in political science, with an emphasis in both International Relations and American Politics, from the University of California at Merced.

On his spare time, he enjoys running and hiking, in addition to watching the Star Wars saga and episodes of House.

More By Oliver Darcy

LATEST TWEETS

Lone Biker
@mp663001 - 45 min ago

Sexual assault course now mandatory at Oklahoma State http://t.co/qmi9STUym6 via @campusreform

Freddy Boisseau
@fboisseau - 2 hours ago

Sexual assault course now mandatory at Oklahoma State http://t.co/RBsb2nwl0K via @campusreform

?Phoenix
@Phoenix_RblAll - 4 hours ago

Professor who allegedly assaulted pro-life group pleads no contest http://t.co/MW35uVOj20 via @campusreform

CampusReform.org
@campusreform - 5 hours ago

OSU requiring online sexual assault course for all students http://t.co/P5T9QMYqzB via @campusreform

Josiah Daniel Ryan
@JosiahRyan - 6 hours ago

Sexual assault course now mandatory at Oklahoma State: http://t.co/xgGZT7YgbS via @campusreform

CallMeDiane
@DianeM1966 - 7 hours ago

The Freedom Defender's Gazette is out! http://t.co/1Q6NLPn6GM Stories via @campusreform

Dan Kleinman
@SafeLibraries - 7 hours ago

@campusreform: Sexual assault course now mandatory at Oklahoma State http://t.co/svmSX5NCEh via @campusreform” #edchat

Caleb Bonham
@CalebBonham - 7 hours ago

Ole Miss student tells gay white men to stop acting like straight black women http://t.co/YS0osD5gA8 via @campusreform

Latest 30 Articles