Bernie Sanders, Elizabeth Warren, and the Wealth Tax
by Roman Berger and Thomas Piketty, March 2019
Warren’s proposal earmarks a 2% tax on wealth between $50 million and a billion and a 3% tax on wealth over a billion. Between 1930 and 1980, top incomes were taxed at 81% and top inherited wealth at 74%. Obviously, this did not destroy American capitalism. Rather, it was more egalitarian and more productive.
Young Americans sympathize with socialism and emphasize the radical reforms under Franklin D. Roosevelt (New Deal) that rescued America from the worst economic crisis of the 1930s. The multipolar world requires new policies and new attitudes. The digital world similarly represents a gigantic change from the horse-and-buggy days!
Ralph Nader: Donald Trump is the most impeachable President in American History
A comedian won the Presidency in Ukraine besting Poroshenko. Why not also in the US?
How to fix capitalism.