Hi, this is Inside Economics.
I'm Rachana Shanbhogue, the Economist's Business Affairs Editor.
With me is Henry Curr, our Economics Editor.
Hello, Henry.
And joining us from New York is Mike Bird, our Wall Street Editor.
Hey, Mike.
So today we're going to look at how much tax the rich should pay.
For years now, taxes have become ever more progressive in wealthy countries,
and there are calls in many to make those at the very top pay more.
Are the advocates of that approach right?
We'll explore the history of this issue and what's changed over the past few decades,
the new proposals we're seeing in California, New York, and elsewhere,
and whether they make sense,
and finally, the thorny ethical questions about what the optimal top rate of tax should be.
So, Henry, let's talk about the history of progressive taxation over recent decades.
Governments across the rich world have been implementing extraordinarily progressive policies.
You've been writing a piece with our colleague Callum Williams about this.
Tell us what's been going on and what's changed over time.
Sure.
So the reason we became interested in this subject is that there's a narrative out there that says