Just Taxes Blog by ITEP

The Case for a Federal Wealth Tax

The Case for a Federal Wealth Tax

September 16, 2019

ITEP
ITEP Staff

REPORT: The U.S. Needs a Federal Wealth Tax

The 2018 decrease in the federal poverty rate (it dropped from 12.3 percent to 11.8 percent) is good news and should be expected from an economy in its 11th year of economic recovery. However, longer-term trends provide a more complete picture about income and wealth inequality. It is still true that most of the benefit of economic recovery has flowed to the nation’s richest households, and public policies have contributed to this trend. A federal wealth tax on the richest 0.1 percent of Americans is a viable approach for Congress to raise revenue and address economic inequality.

This new video from ITEP makes the case for a federal wealth tax.

 

RELATED: The U.S. Needs a Federal Wealth Tax