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

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.

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Oliver Darcy
Oliver Darcy | Former Reporter

Oliver Darcy is the former editor of digital media for Campus Reform, where he was tasked with reporting on waste, fraud, and abuse taking place on our nation's college campuses. Additionally, he was 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. He is currently 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.

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