An economist at the forefront of the growing global push for a billionaire wealth tax is welcoming news that U.S. Democratic presidential nominee Kamala Harris is embracing calls for a minimum levy on the United States' richest individuals.
Gotta say, as someone who identifies as a progressive, she's really been beating my expectations compared to what she was saying and doing back in the 2020 primaries.
If Zucman is a fan, this is great news indeed. A 25% minimum tax on billionaire wealth sounds great, and with broad support, as the article notes (even 51% of Republicans).
Much better news, too, for those of us who only saw this part reported on til now:
The campaign spokesperson called the move—which would still leave the corporate tax rate lower than it was when Trump first took office in 2017—a "fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share." (emphasis mine)
IIRC, the corporate tax rate was slashed by Trump from 30-something percent, maybe 35%, to something like 18%, so to see that Harris was not interested in reversing this Trump tax cut fully (only to 25%) felt til now like yet another depressing instance of the ratchet effect, where the right does what they do, and neoliberals only undo part of it when they are in power.
In the 1950s the top marginal tax rate for couples filing jointly making over $400,000/year was 91%. Adjusting for inflation, that’s $5,200,000. Just to put our current tax structure in context.
Believe it or not, Taxation is a field of study on its own, with countless people spending their whole life studying it. I wonder how this is going to actually work out legally.
Correct if I'm wrong here, but is this article just "Economist comments on something it has been claimed the Harris campaign team said, but is not explicitly mentioned anywhere in writing or in speeches"?
If she planned on taxing billionaires, she'd be shouting it from the rooftops. That's a popular policy. It's not going to be something she keeps in her back pocket and then when she's president goes SURPRISE MOTHERFUCKERS. Not that she could do it by EO anyway, but honestly, this is so far from a reality it just barely qualifies as news.
"Top Economist" is a funny phrase. Kinda like saying "leading soothsayer".
Don't think I don't have sympathy or respect for the economist. I just notice that it's the only academic discipline that pledges and is expected to predict the future.
Just like experts in criminal trials, economists can be selected to prove what you already know. And just like horoscopes, it's all very convincing until you measure the predictions against reality.