His newest book goes much further, if you read Capital in the XXI Century you should give it a try.
My takeaway from this blog post and his book is that:
1. we should have way more transparency on who owns what: currently information about who owns what stock is in the hands of private companies and it's not disclosed to the public. One of the effects of having an income tax is that we have very detailed information about income. I would argue that measuring inequality is a good thing for a society.
2. we really really need to stop fiscal dumping and fiscal competition among countries. There are a number of ways to do that: stronger transnational organizations, more transparency and collaboration among countries (like what the US imposed to Switzerland), exit taxes (proposed by the US)
Overall pg's post ignores the fact that 1950-1980 saw the largest growth and the highest income and succession taxes in the US (also in Western Europe, but one might argue that reconstruction might have played a role in this)
My takeaway from this blog post and his book is that:
1. we should have way more transparency on who owns what: currently information about who owns what stock is in the hands of private companies and it's not disclosed to the public. One of the effects of having an income tax is that we have very detailed information about income. I would argue that measuring inequality is a good thing for a society.
2. we really really need to stop fiscal dumping and fiscal competition among countries. There are a number of ways to do that: stronger transnational organizations, more transparency and collaboration among countries (like what the US imposed to Switzerland), exit taxes (proposed by the US)
Overall pg's post ignores the fact that 1950-1980 saw the largest growth and the highest income and succession taxes in the US (also in Western Europe, but one might argue that reconstruction might have played a role in this)