He doesn't see "taxing the rich" as a good offset. I don't think MMT economists do either, and as far as I know, they have not pushed this proposal.
"Taxing the rich" through progressive taxation has another reason. That is, limiting the political power of wealth and reducing inequality. There are good reasons for this – social, political and economic.
Some MMT economists have recommend preemption of rent extraction first, with the residual to be addressed by taxation.
Some MMT economists have recommend preemption of rent extraction first, with the residual to be addressed by taxation.
Beat the Press
MMT and Taxing the Rich
Dean Baker | Co-director of the Center for Economic and Policy Research in Washington, D.C
