Is the Tax Tide Turning Against the Rich?
3 Pages Posted: 4 Dec 2013
Date Written: November 25, 2013
The trend of the last 50 years has been to reduce taxes on the wealthy. But this article argues that the United States has come to the end of that trend. The need for additional federal revenue, and rising wealth and income inequality are fueling a change in direction. There is rising support in Congress for higher taxes on the wealthy, strong support in public opinion polls, increasing numbers of the wealthy supporting higher taxes on themselves, and economic research showing that the economic cost of higher taxes on the rich is minimal. Although it will not happen soon, it is inevitable that taxes on the wealthy will rise in the future.
JEL Classification: H20, K34
Suggested Citation: Suggested Citation