or put another, capital tends to concentrate in low tax systems - or so Thomas Pickety has been telling us.
he says the way to prevent this is by progressive taxation.
we already know that wealth has gradually concentrated in the US over the last 30 years. in particular the top 0.1% has taken a larger and larger share of the pie.
so perhaps we should target wealth shares to make the progression less unequal. not that anyone is arguing for wealth equality. but the fact that the bottom 50% of folks have only 2% of total wealth is kinda extreme in the other direction.
| 