The super-rich want higher taxes. Politicians, economists are beginning to agree

To tackle inequality and avert a class war, more politicians from both the right and left in the developed world are suggesting a tax on the wealth of the very rich. Economists are coming round to this view.

The recent European Union parliamentary elections saw populist, nationalist, anti-globalist and anti-establishment parties continue to draw votes away from traditional centrist governing parties. This happened even though most countries are experiencing respectable gross domestic product (GDP) growth, near record-low unemployment and modestly rising wages.

In the United Kingdom, Brexit continues to be heavily favoured in the agricultural and auto manufacturing districts that are most exposed to downside economic risks - labour shortages and disinvestment, respectively - from EU withdrawal.

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A version of this article appeared in the print edition of The Straits Times on June 05, 2019, with the headline 'The super-rich want higher taxes. Politicians, economists are beginning to agree'. Print Edition | Subscribe