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taxes

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Patriotic Millionaires

Sheelah Kolhatkar writing in the New Yorker; The Ultra-Wealthy Who Argue That They Should Be Paying Higher Taxes:

In the U.S., executive compensation has increased, on average, by nine hundred and forty per cent since 1978, according to one estimate; during the same period, worker pay has risen twelve per cent. Income inequality hasn’t been this extreme since the nineteen-twenties. Emmanuel Saez and Gabriel Zucman found that, as a result of cuts to estate and corporate taxes, as well as the 2017 G.O.P. tax bill, the four hundred richest Americans pay a lower over-all tax rate than any other group in the country. In a Times Op-Ed, Saez and Zucman wrote, “This is the tax system of a plutocracy.”

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Hell of a Mess

Paul Volcker, at 91, Sees ‘a Hell of a Mess in Every Direction’:

“The central issue is we’re developing into a plutocracy,” he told me. “We’ve got an enormous number of enormously rich people that have convinced themselves that they’re rich because they’re smart and constructive. And they don’t like government, and they don’t like to pay taxes.”

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Denmark Taxes

I’ve been thinking about this one for SEVEN MONTHS, and finally decided stopped being lazy enough to post it. Denmark Thrives Despite High Taxes:

Mr. PETERSEN: Yeah, there’s a kind of slack in the system.

KESTENBAUM: Denmark has an interesting kind of hybrid economy. It has this huge welfare state, but it has also fiercely embraced a lot of free market ideas. The unemployment benefits are generous, but it’s also very easy to fire people. That makes the economy nimble. Employers can get rid of workers when they dont need them and hire them back quickly when they do. Petersen says losing your job here is just not that big a deal.

Now, all countries face choices like this: How do you want to set up your economy? Those decisions shape how you live and your psychology. In Denmark, for instance, there aren’t severe class distinctions because the poor get helped, the rich get taxed, so everyone gets squashed into a big, fat middle class.

One economist told me: Look, we dont have any geniuses and we dont have the best pro athletes - they leave because of the high taxes - but overall we’re doing well.

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