Taxes are going up for most Americans on Jan. 1 unless Congress and the White House agree to a new plan to raise revenues and cut spending. This plan would avoid the massive tax hikes and spending cuts lawmakers agreed to last summer.
At this point in the fiscal cliff negotiations, some Republicans are warming to the idea of raising revenues but they haven't committed to higher tax rates. President Obama insists on raising income tax rates for those earning more than $250,000 annually. Billionaire investor Warren Buffett favors higher tax rates on incomes above $500,000, and many in Washington and elsewhere are calling for an overhaul of the tax code that would eliminate or reduce common tax breaks.
Economist Daniel Altman is proposing something completely different on the tax front --- a system that taxes wealth rather than revenue. It's not intended to raise more revenues but rather to reduce inequality which, heRead More »from Taxing Wealth Is the Answer for Boosting Long-Term Growth: Daniel Altman