22/06/23 - Taxing rich peoples’ gains from capital can help reduce inequality while keeping up overall prosperity – yet only on two conditions. First, the revenues from taxation must be invested into public infrastructure such as schools, public transport, or sustainable energy grids. Second, it must be fairly possible to replace machines by labour. This is the outcome of a mathematical modelling study by a team of economists including US Nobel Laureate Joseph Stiglitz and led by the Potsdam Institute for Climate Impact Research.
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