Taxing Wealth Instead of Income

This very smart proposal for addressing inequality probably has zero chance of adoption, before or after our skid toward the fiscal cliff; but its central point–that wealth inequality grows faster than income inequality and is thus more pernicious–should be an answer to all the people clamoring for the abolition of estate taxes.  Don’t let them fool you by calling them “death taxes”–dead people don’t pay taxes.  The question is whether people who inherit their money should have to pay taxes on it just like people who work for their money.

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