US wealth inequality may be a problem. Wealth taxes may not be the solution.
That doesn’t dismiss concerns about the outsized influence of the wealthy. At the conference, Northwestern University political scientist said his research leads to an unambiguous conclusion: “In the US, money leads to political influence. High-income people get their way.” More than that, Page added that the very sorts of public policy the wealthy pursue may serve to enhance their wealth.
But even if Page is right, it doesn’t follow that reducing the wealth of the super-rich necessarily would diminish their influence. There are two reasons: First, relative wealth may be more important than absolute wealth. Assume you buy the argument that Bezos has more influence than me because he has so much money to spend on advocacy. Even if a wealth tax trims his assets, he still will have more money than me. And thus more influence.
Second, political influence often is about more than wealth, whether absolute or relative. It may be driven by personality, social status, personal connections, and or just a willingness to engage in advocacy.Harvard economist Jason Furman, who advised presidents Clinton and Obama, wondered aloud at the TPC event whether, for instance, auto dealers and community bankers—located in every congressional district—are more influential than the super-rich.
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