SINGAPORE (Nov 4): Proposals for a broad tax on wealth are not new, but they are receiving renewed attention in the US. Steadily increasing income and wealth inequality has raised social and ethical concerns, even among a subset of the wealthy. This trend, along with declining social mobility, is contributing to political polarisation, which in turn leads to poor and erratic policy choices. And we know from history that rising inequality and intensifying social and political polarisation can lead to more dramatic and even violent outcomes.

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