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Abstract Should we aim for high taxes and low inequality? This chapter carefully weighs the costs and benefits. In terms of the costs, the major worry is that taxes will lead to reduced economic growth. Yet current evidence suggests that increased taxes would likely lead to only minor reductions in work effort, and perhaps moderate costs of reduced private investment. On the other hand, such costs are likely to be substantially offset by the economic gains accruing from increased public investment. The bottom line from the empirical growth literature is that a high-tax regime is not likely to cause significant reductions in growth. In terms of the broader social benefits of high taxes and low inequality, the chapter demonstrates that there would likely be major, fundamental benefits in four areas: environmental sustainability, democratic equality, equal opportunity, and reduced racism and xenophobia.

Author

Tom Malleson

Publisher

Oxford University PressNew York

Published

2023

Language

EN

ISBN

9780197670422

Subjects

Political Science, History, Economics