Joseph Stiglitz: tax high earners at 70% to tackle widening inequality

Nobel prize-winning economist calls for new top rate of income tax and 2-3% wealth tax on fortunes

Joseph Stiglitz, the Nobel prize-winning Keynesian economist, has called for the super-rich to be subjected to taxes as high as 70% to help tackle widening inequality.

Stiglitz, who won the Nobel prize in economics in 2001 and pioneered many ideas about globalisation and inequality, said introducing a special worldwide income tax rate of 70% on the highest earners would clearly make sense".