My good friend Curt Biren has published a learned and compelling article in The American Mind.
Economic inequality dominates the news. More and more Americans say too much wealth is in the hands of too few—an undesirable, if not unjust, economic state of affairs. The answer, according to some, is higher taxes.
The concerns about economic inequality are many: limited opportunities that leave the less fortunate behind; potential resentment and social unrest; excessive political power among the rich; the unfairness of huge financial gains among a tiny class of successful entrepreneurs and investors, those seemingly fortunate to benefit from, perhaps, good genes, a privileged upbringing, elite education, unique career options, even blind luck.
In light of these concerns, advocates for higher taxes are speaking out. A group of affluent liberal businesspeople recently wrote an open letter calling for a wealth tax on the richest of the rich. A prominent Los Angeles philanthropist published an op-ed supporting a wealth tax. A progressive think tank issued a lengthy report advocating “a better way of incorporating wealth and the income it generates into the determination of how much tax a person owes.” Many of the current Democratic presidential hopefuls are now calling for higher taxes on the wealthy.
Read the rest of Curt’s essay here.