Increasing taxes on the rich will not make income inequality decline, according to a study from the Brookings Institution, the Hill reported.
"The paper’s authors found that even increasing the top tax rate from 39.6 percent to 50 percent would have a "trivial" effect on income inequality," states the article.
Brookings evaluated the results of what would happen to income inequality if the top tax rate were increased to 45 and 50 percent.
"The reduction in income inequality in income inequality resulting from each of these tax and redistributive plans is quite modest," states the report.
"That such a sizable increase in the top income tax rate leads to a strikingly limited reduction in income inequality speaks to the limitations of this particular approach to addressing the broader challenge."