The United States has one of the most complex tax systems in the world. Call it a nightmare. In today's lesson, Big Think Chief Economist Daniel Altman calls it exactly that. Altman has his sights on one particularly irrational tax: the corporate income tax.
Economists don't even know who pays it, or who shares this burden. So what could we do to replace it? One idea would be to change our income tax into "a sort of hybrid income and wealth tax." How would that work? Altman explains how "we would have a sliding scale where, depending on your wealth, you would pay different rates of income tax. If you didn't have any income coming off your wealth then you wouldn't pay any tax. But the more wealth you had, the higher tax rate you'd be liable to pay."