Thomas Piketty is the author of the 2014 worldwide best seller, ‘Capitalism in the 21st Century.’ He also teaches at the Paris School of Economics. His story appears in ‘Le Monde’ in English and in French.
http://piketty.blog.lemonde.fr/2019/02/12/wealth-tax-in-america/
The focus of Piketty’s story is on Elizabeth Warren’s proposed wealth tax.
“Carefully calculated by Emmanuel Saez and Gabriel Zucman, supported by the best constitutionalists, the Warren Proposal sets a rate of 2% on fortunes valued at between 50 million and 1 billion dollars, and 3% above 1 billion.
The proposal also provides for an exit tax equal to 40% of total wealth for those who choose to leave the country and to relinquish American citizenship.
The tax would apply to all assets, with no exemptions, with dissuasive sanctions for persons and governments who do not transmit appropriate information on assets held abroad.”
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Saez and Zucman are Piketty’s income and wealth inequality research partners. The policy is spelled out with links onward to supporting documents at Warren’s US Senate webpage.
www.warren.senate.gov/...
As Piketty points out, the policy comes with letters from leading constitutional scholars on the constitutionality of the proposal.
https://www.warren.senate.gov/imo/media/doc/Constitutionality%20Letters.pdf
Piketty also highlighted the new tax proposals put forth by Alexandria Ocasio-Cortez and Bernie Sanders.
“What is certain is that the issue of fiscal justice will be central to the presidential campaign in 2020. The representative from New York, Alexandria Ocasio-Cortez has suggested a rate of 70% on the highest incomes, while Bernie Sanders defends a tax rate of 77% on the highest inherited estates. While the Warren proposal is the most innovative, the three approaches are complementary and should be mutually beneficial.”
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For more information, including charts and graphs, take a look at Piketty’s story. It’s worth a read.
piketty.blog.lemonde.fr/...