Keyword: wealth inequality
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In preparing for the IGM conference on THE ROLE OF ECONOMICS AND ECONOMISTS IN PUBLIC POLICY AND PUBLIC DEBATE, which was originally scheduled for April 2020, we asked the US economic experts panel these questions in February 2020. When the conference was delayed by the pandemic, we deferred releasing the results. Now that the conference is approaching (it takes place on 28-29 April 2022), we are reporting the findings.
This week's European Economic Experts Panel statements:
A) A wealth tax would be an effective way to reduce inequality.
B) A wealth tax in a form discussed in the UK (where individuals could be taxed a percentage of their net worth over £750,000, excluding any personal pension savings and their main home) would be an effective way to improve public finances after the Covid-19 crisis.
C) A public policy goal that could be accomplished with a well-enforced wealth tax could be accomplished at lower cost with modifications to existing taxes, such as income tax, capital gains tax, inheritance tax and property tax.
In January this year, Senator Elizabeth Warren unveiled a proposal to tax the wealth of the richest 0.1% of Americans. The proposed legislation to tax households with a net worth of $50 million or more draws on analysis by one of our US panel of economic experts – Emmanuel Saez at Berkeley – showing that the richest 0.1% has seen its share of American wealth more than triple from 7% to 22% since the late 1970s. Saez and colleagues have also made calculations of the potential impact of Senator Warren’s proposed tax.
This week’s IGM Economic Experts Panel statement:
The most powerful force pushing towards greater wealth inequality in the US since the 1970s is the gap between the after-tax return on capital and the economic growth rate.
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