Or should a progressive consumption

arfankj4

His wealth tax would have to be imposed globally to discourage the kinds of moves contemplated by our French friend with the priceless painting prompting comments about Piketty s naivete. Rather the purpose here is to discuss remedies assuming for the moment that the concentration of wealth needs to be halted. Just how should it be done It s not a novel concern. In Switzerland for example there is a movement to provide a minimum income for everyone. This of course requires a bigger role for government.

In the United States negative taxes are intended to address the problem. Are significantly higher taxes on income investment or wealth the answer The top income tax bracket used to be percent in the US during the rare period when trends toward inequality were interrupted. How about higher estate taxes to reduce the amount of wealth that can be passed to Chinese Overseas America Number Data future generations If returns to capital are the concern could those returns be taxed much more than so called earned income  tax be considered as suggested by New York Times columnist David Brooks In his words the purpose would be to lift people from the bottom with human capital reform not pushing down the top with capital reform. Can we devise a way that doesn t involve taxes This might include sanctions on the flight of capital to tax havens.





Or should we do something to stimulate competition and technological innovation to reverse accelerating inequality and the threat of stagnation How should wealth be redistributed What do you think To Read More David Brooks The Piketty Phenomenon The New York Times April p. A . Thomas Piketty Capital in the Twenty First Century Cambridge Harvard University Press . COMMENTS BARRY SHERE As one dependent on returns from labor I do not have the time or energy to devote to the studies cited here and must comment on the basis of observation over a lengthy period only.