TAXATION:The US must overhaul its tax system as lower rates on investment income unfairly punish wage earners, Nobel Prize-winning economist Joseph Stiglitz said. "It's absolutely essential that we have a fair tax system and one that directs our economic activity to production not to speculation," he said in a television interview.

"If you have a tax system in which people at the very top pay half the rate of somebody who is working hard for their income simply because they get their income from speculation, that's an unfair system." - Bloomberg