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tax inequality

December 20, 2011

Ian Ayres, a professor of law at Yale, and Aaron S. Edlin, a professor of law and economics at UC Berkeley have an interesting idea on how to “to end the continued erosion of economic equality in our nation” with a “tax that would limit the after-tax incomes of this club to 36 times the median household income”:

Don’t Tax the Rich. Tax Inequality Itself.

Personally, I think it not only has the potential to help limit the rising rate of income inequality, but it’d help reduce the deficit that everyone’s been squawking so much about recently, too. I’d certainly support something like this — especially in combination with a 0.25% tax on stock trades, a 0.02% tax on the purchase of credit default swaps, and getting rid of the Bush tax cuts — with the caveat that the revenue generated from this new tax be expressly allocated to social welfare programs like food stamps, low-income housing, Medicaid, Pell grants, and unemployment insurance.

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