To Reduce Inequality, Tax Wealth, Not Income - DANIEL ALTMANQuicklink submitted by Susan Lee Schwartz Permalink
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|Altman says,' the International Monetary Fund recently warned that high income inequality could damage a country's long-term growth. But the real menace for our long-term prosperity is not income inequality -- it's wealth inequality, which distorts access to economic opportunities.' 'Trends in the distribution of wealth can look very different from trends in incomes, because wealth is a measure of accumulated assets, not a flow over time. High earners add much more to their wealth every year than low earners. Over time, wealth inequality rises even as income inequality stays the same, and wealth inequality eventually becomes much more severe.'|
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