Leading think-tank OECD has suggested Governments use the tax system to tackle wealth (rather than income) inequality and inheritance tax is the preferred route.

The argument follows that wealth inequality is much more serious and much more important in many ways than income inequality, because wealth inequality generates more income inequality, and rich people have more power and influence and opportunities. One of the facts it points out in the report is that someone working for, say, twenty thousand euros a year and getting their money from capital is a much more powerful position than somebody having to work for twenty thousand dollars a year. Getting income without doing anything at all is easy, and yet it also gives you much more power. So wealth accumulation reinforces the situation. Wealth begets wealth, says the report. And that gets more power. Hence the call to action.


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