Ah, a new book by this hard leftist Marxist! He is not an economist, but a lousy propagandist! His previous, best selling book ("Capital in the Twenty-First Century") was soundly debunked as myth telling!
He believes in class struggle and other Marxist fantasies! Anyone who tries to boil down or explain history in such simple terms is a fool!
His story of the Swedish economy is bogus!
"Participatory socialism is the general objective of more “access” to education. Educational justice is very important in terms of access to higher education. Today there’s a lot of hyper criticism, not only in the U.S., but also in France and in Europe, that we don’t set quantifiable and verifiable targets in terms of how children [from] lower [income] groups [gain] access to higher education, what kind of funding [they] have for higher education. The other big dimension is circulation of property, so I talk about “inheritance for all.” The idea is to use a progressive tax on wealth in order to finance [a] capital transfer to every young adult at the age of 25."
Picketty is such a naive intellectual that it hurts! Don't we already have a serious inflation of higher education degrees in Western countries? The Internet has profoundly changed the availability of education for free etc.
Picketty demands expropriation of the "expropriators"! What a total fool!
Piketty’s new book explores how economic inequality is perpetuated – Harvard Gazette: Economist Thomas Piketty discusses his new research into the historical roots of inequality around the world and what can be done to begin redressing it.
Posted: 10/10/2019
Every morning LinkedIn provides its users with a Daily Rundown feature of selected news. On many days, I have to cringe my teeth given the utter leftist propaganda LinkedIn is spreading.
Here is a wonderful example how LinkedIn tries to stoke the flames of economic inequality and to stir resentment between rich Americans and the rest:
“Lower tax rate goes to the richest
For the first time in U.S. history, billionaires in America paid a lower tax rate than those in the working class, according to a study by U.C. Berkeley economists. The richest 400 families in the country paid an average effective rate of 23%, or a full percentage point lower than the 24.2% rate paid by the bottom 50% of American households. While the tax rate paid by the poorer half has changed little over time, the 400 richest U.S. households had an effective tax rate of 47% in 1980.” (S1; emphasis added)
What is the takeaway:
- LinkedIn is absolutely clueless about economics and taxation!
- If these UC Berkeley economists indeed produced such a study with those conclusions, then they are laughable amateurs and clueless as well
- It is well known that e.g. the top decile of income tax payers pay about 50% or more of all federal income taxes. Too look only tax rates and not at tax revenues is as stupid as it gets!
- Few of the rich and wealthy American households receive any welfare benefits, but many of the bottom 50% of households do and these welfare benefits and tax refunds are a substantial form of tax free additional income to those households
My advice to LinkedIn: Do not blindly rehash stupid articles from the Washington Post (S2)!
The underlying economic study was recently published as a book (S3). This book costs $26.55 on Amazon. Just look at the ridiculous title: “The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay”. What a waste of money!
Last but not least: One of the study’s authors is assistant economics professor Gabriel Zucman at UC Berkeley:
“Zucman has co-written several papers with Thomas Piketty” (S3). Thomas Piketty was also his doctoral advisor. Piketty, a French economist whose work focuses on wealth and income inequality, has been thoroughly discredited as an economist based on his best selling book “ Capital in the Twenty-First Century”. Only leftists still admire Piketty!
In 2015, Zucman published his book The Hidden Wealth of Nations: The Scourge of Tax Havens”. So called “tax havens” are another favorite scapegoat of leftists! Tax havens are by far not only used by the rich and wealthy, but also by dictators and their families and by corrupt politicians. Tax havens are often a canary in the coal mine indicating excessive taxation by greedy politicians!
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