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Friday, March 28, 2014

'Save Capitalism from the Capitalists by Taxing Wealth'

Thomas Piketty:

Save capitalism from the capitalists by taxing wealth, by Thomas Piketty, Commentary, FT: The distribution of income and wealth is one of the most controversial issues of the day. ...
America ... was conceived as the antithesis of the patrimonial societies of old Europe. ... Until the first world war, the concentration of wealth in the hands of the rich was far less extreme in the US than Europe. In the 20th century, however, the situation was reversed.  ... US income inequality has sharpened since the 1980s, largely reflecting the huge incomes of people at the top. ...
The ideal solution would be a global progressive tax on individual net worth. ... This would keep inequality under control and make it easier to climb the ladder. And it would put global wealth dynamics under public scrutiny. The lack of financial transparency and reliable wealth statistics is one of the main challenges for modern democracies. ...

There's quite a bit more in the article.

    Posted by on Friday, March 28, 2014 at 12:14 PM in Economics, Income Distribution | Permalink  Comments (102)



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