Reading Thomas Piketty’s ground shaking book Capital in the Twenty-First Century he pretty much illustrates how virtually all of what we know as wealth around us today is dynastic and that pattern will persist indefinitely baring some kind of incredible major societal change.
This election didn’t give us any hope of a solution for the problem of ever increasing income disparity and in fact it looks like we are going to be digging the pit we are in even deeper.
If Donald J. Trump follows through on his campaign promises, a host of taxes that affect only the very richest Americans may be eliminated, along with almost all tax incentives to be philanthropic. As a result, wealthy families may find it much easier to amass dynastic levels of wealth.
With that agreement, more than 99 percent of Americans were exempted from the estate tax. Last year, for example, the Internal Revenue Service processed just 4,918 federal estate tax returns (though it collected about $17 billion in taxes).
To continue learning more about “Dynastic Wealth”….
Thomas Piketty’s controversial book Capital in the 21st Century argues that we’re seeing an accumulation of dynastic wealth that will persist indefinitely. Here Ryan Avent of The Economist and Megan McArdle of Bloomberg View debate Piketty’s arguments, and consider whether economic inequality is a problem we should be worried about in the first place, while also managing to find a few points of common ground.
And more on Trumps Tax Plan
Donald Trump has proposed a very detailed tax plan – but his statements on the campaign trail don’t always match what his proposal would really do. For instance, at a rally in Scranton, Pa., Trump promised to “massively cut taxes for the middle class, the forgotten people, the forgotten men and women of this country, who built our country.”