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© iStock One of the Biden administration’s top priorities is to tackle income inequality in the United States. It stems from a widely held view that the gap between rich and poor has widened steadily since the 1980s when the Reagan administration cut the highest marginal tax rate from 70 percent to 28 percent. To address this issue, President Biden is proposing tax increases for corporations and households with annual income of more than $400,000. But is this perception accurate? A recent op-ed by Phil Gramm and John Early asserts that it is an illusion that results from the U.S. Census Bu...

eye on the news The Impoverished Wealth Tax It fails as a revenue generator and as a tool to deliver fairness. Politics and law Economy, finance, and budgets On Monday, a group of Democratic lawmakers led by Senator Elizabeth Warren introduced the Ultra-Millionaire Tax Act, a bill that would levy a 2 percent annual tax on individual assets worth more than $50 million and a 3 percent tax on assets worth more than $1 billion. In her announcement, Warren noted the popularity of wealth taxes, as polls show that Americans tend to support the idea. But the apparent popularity of th...