Joseph Stiglitz: tax high earners at 70% to tackle widening inequality

Nobel-prizewinning economist calls for new top rate of income tax and 2-3% wealth tax on fortunesJoseph Stiglitz, the Nobel prize-winning Keynesian economist, has called for the super-rich to be subjected to taxes as high as 70% to help tackle widening inequality.Stiglitz, who won the Nobel prize in economics in 2001 and pioneered many ideas about globalisation and inequality, said introducing a special worldwide income tax rate of 70% on the highest earners “would clearly make sense”.“One of my friends describes [this] as winning the sperm lottery – they chose the right parents. I think we have to realise that most of the billionaires have gotten much of their wealth out of luck.”