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I'm reading Piketty's book now and it's not isolated to the US. Once you hit a certain wealth in most OECD countries, you just stop paying taxes. All that is r
by danny_codes 1mo ago
I'm reading Piketty's book now and it's not isolated to the US.
Once you hit a certain wealth in most OECD countries, you just stop paying taxes. All that is required is to not take any income, which is easily done. So the top of the "income" distribution is a lie. When we say "top 1% pay X of all taxes", we're talking about the top 1% income earners, not the 1% who have the most wealth, or even the 1% who have increased their wealth the most over the last year.
Piketty is clearly correct with his minimum wealth tax proposal. It does seem the only way to tax people who never realize income.