By AFPMore by this AuthorNEW YORK,Long out of favour in the United States, the idea of taxing rich individuals and corporations to pay for healthcare or to combat inequality is gaining ground among Democratic politicians. During his 2016 presidential campaign he called for higher federal income taxes to pay for free college tuition and universal healthcare. Massachusetts Senator Elizabeth Warren has proposed a two-percent wealth tax starting at $50 million in earnings. This so-called marginal rate of 70 percent is not unprecedented in the United States, but was last at that level 1981. CUTSTop marginal tax rates in the United States were very high following World War II, maxing out at 94 percent.

Source: Daily Nation March 03, 2019 09:22 UTC