Interesting... Bill Gates says: I very much agree with Piketty that: *High levels of inequality are a problem—messing up economic incentives, tilting democracies in favor of powerful interests, and undercutting the ideal that all people are created equal. *Capitalism does not self-correct toward greater equality—that is, excess wealth concentration can have a snowball effect if left unchecked. *Governments can play a constructive role in offsetting the snowballing tendencies if and when they choose to do so. [...] I agree that taxation should shift away from taxing labor. It doesn’t make any sense that labor in the United States is taxed so heavily relative to capital. It will make even less sense in the coming years, as robots and other forms of automation come to perform more and more of the skills that human laborers do today. But rather than move to a progressive tax on capital, as Piketty would like, I think we’d be best off with a progressive tax on consumption. [...] Like Piketty, I’m also a big believer in the estate tax. Letting inheritors consume or allocate capital disproportionately simply based on the lottery of birth is not a smart or fair way to allocate resources.
Posted on: Tue, 28 Oct 2014 15:20:58 +0000
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