proposed a tax on wealth in 2014 as a solution to what he saw as capitalism’s innate tendency towards growing inequality. Many reviewers of his book, “Capital in the Twenty-First Century”, thought his idea outlandish. Now it has been adopted by an American presidential candidate, Senator Elizabeth Warren, who could conceivably win the White House in 2020. True, Mr Piketty wanted a global tax.
Experience would seem to be on the sceptics’ side. Net-wealth taxes do not have an encouraging record. In 1990, 12 rich countries levied them. By 2017 only four did: France, Switzerland, Spain and Norway. France has since mostly scrapped its levy, fearing that it made the country unfriendly to investors. Of the remainder, only Switzerland raises significant revenue .
Wealth can also be hidden overseas, or in complex legal structures designed to avoid tax. Larry Summers of Harvard University and Natasha Sarin of the University of Pennsylvania recently calculated in thethat the estate tax raises far less from estates valued at over $50m than would be expected from Messrs Saez and Zucman’s wealth data, so adept are the rich at avoiding the tax. Their data on billionaires came from the Forbes 400, an annual list of the mega-rich compiled bymagazine.
SenWarren It would be interesting to see all those NFL and NBA stars pay out a high wealth tax because of Elizabeth 'Pocohantas' Warren.
One would think that with a name like The Economist you would know something about money.
many Americans already pay a wealth tax, but it's explicitly only on houses and they land they sit on. Warren proposes to expand such property taxes to cover yachts and stock holdings, too. That's scarcely a revolution.
Help. Income inequality depresses economic growth.
Socialism here we come (Sing along w/Me) Right back where we started from! Obama's Theme Song!!!! IngrahamAngle HouseGOP HouseCracka
This is the worst idea ever. You don’t punish success. Wealth reparations are classist and racist.
Hurt
Tax the rich, they are society's parasites.
Just close tax loopholes so wealthy people are paying what they are supposed to. All of these tax proposals are just politician BS
Hurt
Totalitarian Marxist Communism would be great somewhere else not in the USA!
Communist Economic Redistribution Tax. Tax the productive and give to Lumpen Proletariat!
Why doesn’t she propose a balanced budget as a current Senator?
Do these idiots understand that the dollar is just a piece of paper and any crazy policy will have negative consequences for everybody. This is one way to start the race to the buttom and everybody will be equally poor.
Hurt like sting were not even pal , if our equalaty in finance were a seesaw , somebody would have catapolted to mars , there so light on their dollars and cents hello !
Taxing the billions they earn as per their request is a no brainer. Imagine a country that is so rich it ends poverty and hunger globally - go team USA 🇺🇸
America doesn't need more taxes, they need loopholes removed. Warren don't get it, like France found out, the rich will leave if taxed too much. Guess who hires people, think about it prior to killing the US economy .
'When someone tries to lay a guilt trip on you for being successful, remember that your guilt is some politician's license to take what you worked for and give it to someone else who is more likely to vote for the politician who plays Santa Claus with your money.' -Thomas Sowell
Look up andrew yangs interviews
Depends on who's definition of 'Wealthy' she uses.
Help,help,help
Hurt. Everybody.
Politicians will say anything to get elected. That goes for Democrats and Republicans. The true measurement of a candidate is what he has actually done, not what he claims he will do. Remember that, people.
Elizabeth Warren plans to introduce taxation to the wealthiest 1% if she becomes president. Would that help or hurt the other 99% of American’s?
Capitalism is safe in America. But maybe Warren Buffet should start paying more % tax on revenue than his secretary?🤔
alllibertynews It will destroy America
I could help depending on how and where the revenues were used.
What kind of problems would rich people have?! Not emotional problems ofc ! Thinking at lower taxes maybe ...
The woman is delusional and is obviously mathematically challenged. Would someone sit her down and explain to facts of Economic Freedom.? How does a person of her stature graduate from Law School?
She she start with Bernie and Kamala - both millionaires complaining about income inequality. What hypocrites
Que dirán los Trump,Hiltom,Standard Oil Compani,etc,,pegan el grito al cielo..💤💤🌎💲😧
A no no for me. The tax burden always finds its way back to the consumer.
Is this a trick question?
Supreme Court would shooit it down. It’s double taxation and illegal
Take all the wealthy's money and you'll still have to tax the rest.
alllibertynews In Trump’s 2000 book “The America We Deserve” he proposed a one-time wealth tax to eliminate the federal debt. Trumps Co-author daveshiflett1 tells the story in our oral history The Method to the Madness. aaronshortstory
It’s difficult, but it’s the only way: reduce the gap between top 10% and bottom 50% earners. And make the tax system more fair. It will take time and will require shaping of a new collective conscience. Dalio and others position are a good start. Just get rid of trump
While raiding someone else's bank account will address the issue in the short term, long term adjustments in the how of taxation and the why of transfers of wealth must be made.
Smart $$ fill just stay off shore.
I would think at least once, even if by accident, your publication could employ someone who is educated, non-partisan, has some common sense and knows a little bit about human nature. This sounds like a good idea to an idiot but it doesn’t work. Period.
alllibertynews Ask New Jersey how wealth taxes go.
In 1945, at the end of WWII and Nazi occupation, industrialized Czechoslovakia introduced a wealth tax. That was followed by nationalization of big companies. In 1948 the country became a communist dictatorship with a socialist system, i.e. all business was in government hands.
Ahaha!
It Harms everyone. Without excess there can be no largesse. Taxation and redistribution is not largesse.
Does she explain how she’ll make it Constitutional?
Most candidates have plans. Bernie is the only one who succeeded in implementing them as mayor.
What kind of fn question is this! Writer must have failed college freshman economics! 20 pounds of fat and not studying!
Help
They tried this in France and the rich fled resulting in lower tax collection. They had to repeal it but the damage was already done.
when the poor can not afford it then a nation has stepped beyond its ability to develope in god you trust ? then the rich will work independently if it so pleases them yet you eat them and they are devoured along with all of your deceipt to be seen no more . pleb mentality
Help
Won’t somebody PLEASE think of the top one-tenth of the one percent? 🎻
It will help. Next.
She and I will join the party together.
It. Would. Help!
Why wait senator
The rich simply move out the country. Problem solved. 🤔
Tl;dr Help
A reporter once asked John Dillinger why he robbed banks. His answer was: Because that’s where they keep the money!
... taxation led us to our first war...
Nothing.
US is rich only because It can print fake money. That game is going to come to an end one day. Plus we have bitcoin ....
yep
Justice. And we can’t have that!
Fauxcohontas has no place in our pockets.
Socialising the united states?
I know it’s all about the money, money but what about the price tag?
If it was good for 16th century Florence, i dont see why this shouldn't work out okay for the US. She trying to save their heads from being held up on pikes fr. The Republicans charge less for the same service, but, i mean. look at them. They aint savin no one's ass no time soon.
Absolutely. Our Middle Class thrived when there were higher taxes on the wealthy. Now? Three decades of tax breaks for the wealthy, plus the same wealthy people telling us we can't raise the minimum wage has destroyed the Middle Class.
No.
Will they pay In Wampum? She’s totally discredited. Next.
Congress is the entity in charge of taxes.
They would only get taxed after 50,000,001. The first 50 million would not be subjected to a wealth tax. ewarren explained it in her recent visit to east LasVegas and outlined the many programs the 2 cents of the wealth tax would fund. EDubs2020
What do you think about universal basic income starting at $1000 for any adult in America over 18?
Yes distribute the wealth
I think the current proressive tax system can work well. Carving out special clauses invites abuse. More pressing is the chronic underfunding of the IRS.
Well very cool Bernie20020 agenda, as to lower agree Warren2020 ... But still she would be a great VP to him. sanders2020
It eventually won’t be just the rich she takes money from. It will be a tax on everyone. Th rich will just fire people cut costs reduce investments to make up the difference. A small tax in Oregon is causing business to lay off here and there to pay the tax. Rich don’t just pay.
Really? Have you looked at the national debt? If you tax them pay the bills.
Only if she wants to alleviate the financial inequality that leads to revolutions. The American people are reaching their collective maximum for what they will accept.
If you want the economy to die then yes she should.
Division and hatred
If you’re suggesting a tax to bring everyone’s income in parity, then the impact would be the imposition of a Socialist State - a repeatedly and spectacularly failed system throughout history.
Dear Capitalists, if we don’t have money to spend you don’t have money to make. Also, if everyone’s dead that includes y’all. XOXOXO
Disaster..... oh how the Economist has fallen
Why doesn’t she donate her wealth? She seems to only want other people’s wealth. I’ll listen after she does that.
that's a no brainer. PentagonPapers
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