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Tackling inequality: Taxing the rich

  • Fri, 13 Oct 2017 17:31
Main image:  FOR once, the Daily Mail and the Guardian, British newspapers of the right and left, agree. In the former, Alex Brummer says “IMF's new line of thinking of tax should please Corbyn & co” while the latter says that the IMF “analysis supports tax strategy of Labour in UK”. Both are responding to the IMF's fiscal monitor which does indeed say that there would appear to be scope for increasing the progressivity of income taxation without significantly hurting growth for countries wishing to enhance income redistribution.The report details how income tax progressivity in advanced economies declined in the 1980s and 1990s and that the tax system has done little to reduce inequality in recent yearsBetween 1985 and 1995, rising fiscal redistribution was able to offset about 60 percent of the increase in market income inequality. In contrast, average fiscal redistribution hardly changed between 1995 and 2010, while market income inequality continued to increase. As a result, average disposable income inequality increased broadly in line with market income inequalityBut the report is about the west as a whole, rather than Britain in particular. When it comes to a specific tax rate, it says that  Assuming a welfare weight of zero for the very rich, the optimal marginal ... Economic Issues

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