To Tax the Rich or to Cap Wealth, That is the Question
Ever since the days of Margaret Thatcher and Ronald Reagan, the predominant mantra repeated all over the world has been that tax cuts for the rich are the best way to stimulate the economy. But during the past year, this trend has changed. For the first time in decades, progressive voices are calling for increased taxation of the rich. From veteran labour journalist Sam Pizzigati to US politicians Alexandra Ocasio-Cortez to Bernie Sanders, concrete proposals are being put forward to spread the wealth of the rich. In the latest meeting in Davos, a contribution by Dutch historian Rutger Bregman went viral when he suggested that CEOs shelve their “stupid philanthropy schemes” and start talking about taxing the rich. As he so eloquently put it, “all the rest is bullshit.”