February 6, 2008
Another paper by Jonathan Barry Forman
Jonathan Barry Forman, author of Making America Work, has posted "Managing the Beast: How Government Can Reduce Wealth Inequality" (forthcoming Georgetown J. on Poverty L. & Pol'y) to SSRN.
ABSTRACT: The government can, and should, intervene in the free market to reduce inequality in the distribution of wealth. We simply do not have to settle for a society where the top 5 percent of households have dozens of times as much income as the bottom 20 percent and hundreds of times as much wealth. We should combine the individual income tax and the Social Security payroll tax into a single, comprehensive income tax system with a broad base and low tax rates on earned income. We should also keep the current estate tax or, alternatively, replace it with an annual wealth tax. Even a modest annual wealth tax could raise $50 billion a year.
An earlier paper of his (see earlier posting to this blog here), "Promoting Economic Justice in the Face of Globalization," is also worth checking out.
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