Wealth tax good for economy – revenue addresses debt concerns
Keightley & Marples 22 – Mark P. Keightley is a specialist in Economics, Donald J. Marples is a specialist in Public Finance, (“An Economic Perspective on Wealth Taxes”, 4/1/22, https://crsreports.congress.gov/product/pdf/IF/IF11823#:~:text=Proponents%20of%20a%20wealth%20tax,a%20variety%20of%20social%20policies.)//CG
The idea of imposing a tax on individual wealth has appeared in policy debates with increasing frequency. Proponents of a wealth tax have primarily argued that such a tax would achieve three objectives. First, a wealth tax would mitigate rising wealth inequality. Second, the tax would raise significant revenue that could be used to address debt and deficit concerns, and fund a variety of social policies. Finally, the tax would capture some income sources that currently are not taxed (e.g., unrealized capital gains or types of imputed income).