Liberty, Piketty, Fraternity
We are agreed. Thomas Piketty has been on Channel 4 News and accepted that there has been “only a limited rise in wealth inequality in Europe” in recent decades, whereas it has risen greatly in America. This is what I said. (Video below thanks to Guido Fawkes.)
The situation in America is quite different. Indeed, Piketty says that recent data suggests that wealth inequality has increased by even more in the US than he recorded in his book.
Piketty accepts that the growth of inequality is “not a central problem in Europe right now”, unlike in America, but that “we should not wait for it to become a problem”.
I could not agree more, and I agree with him that we should replace stamp duty (a tax on the purchase of houses) with an annual revalued council tax including higher bands that would raise the equivalent sum.
Only on two minor questions do I now differ from my friend M Piketty, and that is his advocacy of a financial transactions tax and of higher rates of marginal income tax than 50 per cent.equality, inequality, thomas piketty
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