August 14, 2021
The United States Needs a Much More Progressive Tax System
I read some months ago that the new federal stimulus law that temporarily increased the child tax credit had cut child poverty in half. The cost of this was quite large, but very much smaller than the amount of revenue that could be raised by making our tax system only moderately more progressive.
Rich people would be happier if their mindsets were such that they gained greater satisfaction knowing that they had contributed to the elimination of child poverty (giving every child access to a nourishing diet, health care, and educational opportunity) rather than further increasing their wealth and material possessions.