“His main proposal is a comprehensive international agreement to establish a progressive tax on individual wealth, defined to include every kind of asset. He hedges a bit on the precise numbers but suggests that wealth below 200,000 euros be taxed at a rate of 0.1 percent, wealth between 200,000 and one million euros at 0.5 percent, wealth between one million and five million euros at 1.0 percent, and wealth above five million euros at 2.0 percent. Piketty has nothing to say about the practical difficulties, distorting effects, and potential for abuse that would inevitably accompany such intense government control of the economy.”
http://www.foreignaffairs.com/articles/141218/tyler-cowen/capital-punishment
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