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

David Madeira
@DavidJMadeira - 51 min ago

@D_Giffin Students demand law profs. eliminate traumatic, 'triggering' rape law lessons http://t.co/L23HASgeUS via @campusreform

Richard Walters
@unclerick23 - 2 hours ago

College president accused of sexism after posing with male students raising money for charity http://t.co/e0ljKHWaq3 via @campusreform

g.t.mace
@gldbug - 2 hours ago

Freshman editorial: legalize prostitution http://t.co/BlBYnq30yN via @campusreform End times coming...

j r nance
@rnance1950 - 15 hours ago

@campusreform @CalebBonham & we Republicans Hate YOU too, it works both ways & just think you've got to Find a Job, good luck with that, LOL

Liz W
@MoonbatsforLiz - 16 hours ago

These are Liz voters! VIDEO: Students agree to deport Americans in exchange for #illegalaliens http://t.co/QnZ1hGnlV8 via @campusreform

Jay Graham
@avganka_jay - 16 hours ago

@campusreform @UCBerkeley @MaggieLitCRO On the verge of a civil war? It remains to be seen. Race baiters are sure pushing it as is Obama.

Vanya
@Vanya5SOS - 18 hours ago

@campusreform Hey http://t.co/sLxFyPXGvc this is my first cover of Life of the party by @ShawnMendes . Can you check it out! <3

Latest 30 Articles