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3min chapter
Is It Time to Redistribute the Wealth?
Open to Debate
The Wealth Tax
Larry Summers: Any approach that starts from going directly at the objective of tearing down wealth is a pretty slippery slope. Janus in his recent writing has said that we ought to abolish the stock market. He suggested we should end capitalism itself. These kinds of approaches are symbolic. They're not effective. There's a practical tax reform agenda. It can raise $4 trillion far more than any reasonable economist supports for the wealth tax and can do it without arguing that there are people who need to be torn down.
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