Friday, October 13, 2017

Even the IMF thinks we should tax the rich more

The International Monetary Fund is not what you'd call a left-wing organisation. Instead, they've been one of the major forces pushing NeoLiberalism on the world for the past 40 years. But even they have been forced to admit that we need higher taxes on the rich:

Higher income tax rates for the rich would help reduce inequality without having an adverse impact on growth, the International Monetary Fund has said.

The Washington-based IMF used its influential half-yearly fiscal monitor to demolish the argument that economic growth would suffer if governments in advanced Western countries forced the top 1% of earners to pay more tax.

The IMF said tax theory suggested there should be “significantly higher” tax rates for those on higher incomes but the argument against doing so was that hitting the rich would be bad for growth.

But the influential global institution said: “Empirical results do not support this argument, at least for levels of progressivity that are not excessive.” The IMF added that different types of wealth taxes might also be considered.

...such as land taxes and capital gains taxes. Both things chickenshit Labour has ruled out.

With this coming from the IMF, you'd think the right would be forced to accept reality. They won't, of course; instead they'll just keep parroting the same zombie economics they always have. Because they're not interested in reality or in what's good for everyone, but in serving the interests of the greedy ultrarich who bankroll them.