Thomas Piketty: Tax Net Worth

Posted by admin on Saturday, September 18, 2021

Thomas Piketty Money Quote saying Property tax could be used to progressively tax net worth in the U.S. Thomas Piketty said:
 

 

“The United States could transform its property tax system into a progressive tax on net worth without asking permission to the rest of the world” — Thomas Piketty

 

 

In this quote, Thomas Piketty is suggesting that the United States could reform its property tax system to make it more progressive by taxing wealthier individuals at higher rates based on their total net worth.

Currently, property taxes in the US are mostly local and tend to be regressive, impacting lower-income individuals more. Piketty argues the US does not need other countries’ approval to make its own tax system more equitable.

His view is that taxing accumulated wealth more for those with higher net worth could help address the growing concentration of wealth and income inequality in the US.