Nobel Laureate Economist Joseph Stiglitz: Wealthy Should Pay Higher Taxes

Friday, 13 Jun 2014 07:15 AM

By Dan Weil

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Taxes should be raised on the rich to help curb the growing inequality in income, says Nobel laureate economist Joseph Stiglitz of Columbia University.

"We have a tax system that reflects not the interest of the middle. We have a tax system that reflects the interest of the 1 percent," he told Bill Moyers.

The U.S. economic system has failed, Stiglitz argued. "Median American income today is lower than it was almost a quarter a century ago," he said. "Our economy has grown over the quarter century, . . . but all of that growth has gone to the top."

Editor’s Note:
Dow Predicted Will Hit 60,000 — Buy These 4 Stocks Now


It doesn't have to be that way. Politics and policy have pushed the economy in this direction, Stiglitz noted. And tax policy is an important part of that.

"We can have a tax system that can help create a fairer society. Only ask the people at the top to pay their fair share. It's not asking a lot. It's just saying those in the top 1 percent shouldn't be paying a lower tax rate than somebody much further down the scale," he stated.

"And Americans have not yet grasped the reality of where we are. That our economic system has not been delivering for most Americans."

Most Americans apparently agree with Stiglitz. According to a CNNMoney poll, a total of 55 percent believe that the richest 1 percent of households don't pay enough taxes. That compares with 25 percent who think the top 1 percent pay their fair share.

To be sure, you might be surprised to learn that 19 percent of Americans believe the top 1 percent pay too much taxes.

Editor's Note: Seniors Scoop Up Unclaimed $20,500 Checks? (See if You qualify)

Related Stories:

© 2014 Moneynews. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Goldman Sachs Tells Court: 'We're No Boys Club'

Wednesday, 22 Oct 2014 18:11 PM

Goldman Sachs Group on Wednesday attacked evidence offered by attorneys for former female employees in a U.S. federal se . . .

Stocks Decline Amid Price Data as Oil Tumbles to 2-Year Low

Wednesday, 22 Oct 2014 17:06 PM

U.S. stocks dropped, halting a four-day rally, while the dollar advanced as the cost of living in America unexpectedly r . . .

Bank of America Customers Double-Charged in Apple Pay Snafu

Wednesday, 22 Oct 2014 16:52 PM

About 1,000 Bank of America Corp. debit transactions made using Apple Inc.'s new mobile-payment system were mistakenly d . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved