Huey Long proposed a radical plan for wealth and income distribution, called the “Share Our Wealth” Plan. This was intended to end the Great Depression by imposing 100% taxes on income and wealth above a cap and to use that revenue to provide for a guaranteed minimum income and wealth, among other policies. I estimate the impact of these policies had they been implemented in a counterfactual United States of 1934. The largest impact on inequality comes from the cap on wealth, which makes the wealth of the very rich both lower and perfectly equal. However, wealth and income ceilings do nothing to reduce poverty or to improve the condition of the non-rich. Minimum income and wealth floors reduce inequality much less, but are much more effective at reducing poverty. However, the minimum income and wealth policies would require significant revenues to implement, which could not be funded by maximum income or wealth caps, which would raise little revenue.
JEL Codes: D31, D63, H23