This Is the Wrong Time for a Wealth Tax
Many are calling for a one-off tax on the rich to help governments pay for their pandemic spending. But there’d be risks in rolling this out too soon.
If not now, when?
Photographer: Spencer Platt/Getty Images North AmericaThe arrival of vaccines carries hope that an end to the pandemic may be in sight. But even after the health crisis is brought under control, governments will have to continue dealing with the economic consequences.
Two primary concerns have emerged: The first is addressing the inequalities caused by lockdowns and other social-distancing measures. The pandemic has caused a deep bifurcation in the economy, with some able to work comfortably from home while others have had to close shop. As a result, many clerical workers saw their savings rise, while others — waiters or stagehands, for example — ended up on government support.