But, as Oxfam point out in a new report today, almost 50% of all wealth is now owned by the top 1%, and much of that by the tope 0.1% of wealth holders in the world. We live in a time of obscene inequality which has delivered no proven benefit at all to the world at large.
As I point out here, actually Oxfam is complaining that wealth inequality is still less than it was in 2000 and 2001.
It’s right there on page 2 of their own report. Funny how no one else has mentioned this, isn’t it?
The Republicans are, of course, lined up to oppose him saying that taxing the wealthy would reduce the rate of economic growth contrary to all evidence when US growth is now entirely dependent on US state intervention.
But this is just standard optimal taxation theory. Taxing the returns to capital has higher deadweight effects than taxing labour incomes or consumption. What the money’s spent on doesn’t change this one whit.