The survival of American democracy depends on taxing billionaires

The Guardian reports that the Nobel Prize-winning economists, Daniel Kahneman and Angus Deaton, once proposed that rising income increased people’s emotional wellbeing only up to a ceiling of about $115,000 in today’s money.

It is essential not just to fund the public goods the nation needs, it is indispensable to restore a sense of fairness Money doesn’t buy happiness, we’re told. They probably hadn’t met many billionaires.

This politics story centres on the United States. Names and organisations mentioned in the coverage include American, Nobel Prize-winning and Daniel Kahneman.

Why it matters

Developments in politics can affect laws, budgets and public trust, which is why they draw close scrutiny.

Key details

Location

United States · Americas

Reported by

The Guardian

First reported

27 Oct 2026, 16:30 IST

Key names

American, Nobel Prize-winning, Daniel Kahneman, Angus Deaton

Section

Politics

Sources

This is an independent summary. Read the full, original reporting from the publisher:

• The GuardianThe survival of American democracy depends on taxing billionaires 27 Oct, 16:30

Read the full story at The Guardian ↗

Spotted an error? Request a correction · How this summary was produced