Higher income tax rates for the rich would help reduce inequality without having an adverse impact on growth, the International Monetary Fund has said. The IMF said tax theory suggested there should be “significantly higher” tax rates for those on higher incomes but the argument against doing so was that hitting the rich would be bad for growth. But the influential global institution said: “Empirical results do not support this argument, at least for levels of progressivity that are not excessive.” The IMF added that different types of wealth taxes might also be considered.
For long the bête noire of anti-poverty campaigners, thanks to its “structural adjustment” programmes aimed at debt-ridden countries from what used to be known as the third world, its report says that the operation of a progressive fiscal policy can significantly reduce the grotesque inequality that blights the world.
The IMF also states that spending the money on services such as the aforementioned health and education should serve to increase social mobility, helping people from poor backgrounds to lift themselves out of poverty.
— source independent.co.uk, theguardian.com 2017-10-14
HA HA HA ….
You stupid idiots, what you have been telling for the last 40 years. actually capitalism means changing the goal post all the time. subsidy, govt interference in market, now its tax. shame on you.