Select politicians, government officials, economic elites, and experts arriving at the annual World Economic Forum meeting in Davos, Switzerland were greeted with an open letter signed by more than 250 billionaires and millionaires. The signers request their respective governments raise their taxes.
The letter signers are concerned about “inequality” that they say “has reached a tipping point.” The cost of this inequality “to our economic, societal and ecological stability risk,” the letter continues, “is severe — and growing every day.” They may have a point. Since the 2008 market meltdown, resentment against those at the top of the income ladder has been growing. However, this is not because people are envious of those able to profit in a free market. Rather, the resentment is rooted in the corporatist system that rewards those who........