BrainWorms

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This is a place where I post interesting things that I find and cant categorize into one of the main subs I follow. Enjoy a front seat as i descend into madness

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DeadWorld@lemm.ee

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Calls to tax the superrich grow as economic inequality surges (www.aljazeera.com)

submitted 2 years ago by DeadWorld@lemm.ee to c/brainworms@lemm.ee

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[–] OldWoodFrame@lemm.ee 5 points 2 years ago

Piketty's solution is a global wealth tax which would probably be ideal but with the political infeasibility I really think firming up the estate tax is hugely important. The generational transfer of wealth is a great time to tax it since the people getting it didn't earn it.

The maximum estate tax rate is 40% and that is much too low for a top end of a progressive tax, the people are already transferring $13 million untaxed so the 40% tax is much lower in reality.

Would be great to set extremely high tax brackets, like 75% of all transfers above $100 million and 90% of all transfers above $1 billion. If that disincentivizes you as a billionaire that's fine by me, you already won Capitalism.