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There is a strong argument to be made for the usage of taxation to purposefully break up extreme fortunes, especially self sustaining ones. Although for that us
by village-idiot 8y ago
There is a strong argument to be made for the usage of taxation to purposefully break up extreme fortunes, especially self sustaining ones. Although for that usage, the wealth tax and estate tax would be much more effective, even if politically heavy lifts.
- NegativeK 8y agoPiketty's Capital in the Twenty-First Century essentially argues this, but more from a perspective of forcing investment back into the market to stay ahead of tax and inflation losses.
- tptacek 8y agoDoesn't Piketty advocate for a wealth tax, not simply high income tax rates? Wealth taxes target accumulated fortunes, not earned income.
- village-idiot 8y agoI'm not sure about Piketty per se, but I know that estate taxes are a common trick to break up self sustaining fortunes. The basic theory being that it might be ok for someone to amass quite a bit of wealth during their lifetime from their own labor, but it's not ok for their progeny to be permanently wealthy because of who their parents happened to be.
- mushufasa 8y agoPiketty specifically proposes an international financial transaction tax. That's his suggestion to get at invested wealth. He also cautions that his suggestion is likely never feasible. You'd have to get most of 180+ countries on board, else capital will flow through the markets without the tax.