View: Sorry Abhijit Banerjee, high taxes and freebies don’t create egalitarian utopia

Do high taxes reduce inequality? Indira Gandhi raised the top income tax rate to 97.75%, along with a 3.5% wealth tax. That reduced inequality, but also created a massive black economy and entrenched the pathetic Hindu growth rate of just 3.5%.

from Economy-News-Economic Times https://ift.tt/2pWH2km