The U.S. should increase taxes on the wealthy as the disparity between the rich and poor has reached extreme levels, investor Jeremy Grantham said Thursday.
div > div.group > p:first-child"> "I arrived in 1964, and America was a fairly equal place with fairly rapid mobility between socioeconomic classes," Grantham, an investor who manages more than $100 billion in assets at GMO and is famous for calling the last two market bubbles, told CNBC's Wilfred Frost."Now it's worse than the U.K. I mean, who would've imagined that in 1964. We have one of the most unequal countries in the developed world.
According to a report from the Institute for Policy Studies, Amazon founder Jeff Bezos, Microsoft co-founder Bill Gates and legendary investor Warren Buffett — the three richest people in the world— have more wealth than half the U.S. population. Those pushing back against wealth taxes argue they could discourage innovation and potentially hurt economic growth in the long run.
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