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Why ‘tax the rich’ policies may make sense in a K-shaped economy


New York Gov. Andrew Cuomo

Lev Radin/Pacific Press/LightRocket via Getty Images

“Tax the rich” policies being weighed in some statehouses to cover Covid-era budget shortfalls may make more sense in the current economy.

Inequality has been a hallmark of the pandemic recovery, marked by job loss for those at the bottom and soaring wealth for those at the top.

This so-called “K shaped” recovery means the richest Americans are in a better position to absorb higher taxes relative to low and middle earners, according to some economists.

But it’s not just wage income. Officials may also consider raising taxes on capital gains and luxury home sales or purchases, given that stock-market and housing…


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