Would a Graduated Wealth Tax Work?

Congress could reduce income inequality and eliminate America’s national debt with a graduated wealth tax.

The United States is the world’s richest nation, yet it has a $38.983 trillion national debt that grows at a rate of $86,271.01 a second. This national debt exists because the federal government taxes income and not wealth. Thus, when federal expenditures increase, the US Treasury has to issue more debt to finance the federal government.