Tax the rich more if inequality gets worse: Robert Shiller

[tmonster]

Tax the rich more if inequality gets worse: Robert Shiller

• By Lauren Lyster 1 hour ago Daily Ticker
• 
  
• French economist Thomas Piketty has been making many headlines in the U.S. with his message that income inequality is not going away and will probably get worse.
  
  Related: U.S. inequality looks like Europe before WWI: Thomas Piketty
  
  Nobel Prize winner Robert Shiller says the U.S. should take action now to protect against this future scenario by indexing income taxes to inequality. He outlined his proposal this month in The New York Times.
  
  "Some measure of inequality is necessary in any functioning capitalist economy," he says in the video above. "The risk is that it will get much worse in the future."
  
  His proposed "contingency plan" would automatically raise taxes on richer people -- but only if inequality gets worse. This system would be dictated by a formula written into the tax code, which would adjust rates continually. Shiller thinks the change might be politically feasible since it wouldn't raise taxes now.
  
  The kinks include an exorbitant top tax rate. Shiller found that in his own 2006 study with Tax Policy Center Director Len Burman that looked at how indexing taxes could have put a stop to increases in inequality starting in 1979 -- by 2006 the top tax bracket would have been taxed at 75%. Shiller advocates a scaled back, much-reduced version of this proposal that Burman presented to the Senate Finance Committee recently.
  
  Related: CEO pay: 'Unbelievably piggish and outrageous,' no matter how you slice it
  
  Shiller says there would be an incentive concern if rates were too high, and that that would be a big mistake.
  
  At the same time, he says, "I don't like high taxes either, but there is this risk that inequality could get horrible in the future ... [this plan] sounds strange but it's actually very sensible ... wealthy people are not necessarily opposed to this. This is in the interest of everyone, you wouldn't want to live as a billionaire in some very unequal society."
  
  In taxing the rich more, how would that help the middle or working class struggling with falling wages and joblessness? Shiller says the earned income tax credit might need to be increased if inequality gets worse. It's currently limited to a little over $5,000 a year.

 

[DEAD7]

Still thinking we can tax the problem away?

 

[IAmGettingAMailOrderBride]

But who's callin the shots in this country? The rich


Who would be kind hearted enough to donate to their own country?



We need average dudes like Jeff foxworthy to run office

We can need people who make middle money to control America

 

[Scientific Playa]

b.s. they'll just find more creative ways to hold their wealth offshore

1. Untaxed U.S. corporate profits held overseas top $2.1 trillion ...
   www.reuters.com/.../us-usa-tax-offshore-idUSBREA3729V20140...‎
   Reuters
   Apr 8, 2014 - Untaxed U.S. corporate profits held overseas top $2.1 trillion: study ... These earnings can be held offshore for years if they are classified as ...
2. Super rich hold $32 trillion in offshore havens | Reuters
   www.reuters.com/.../us-offshore-wealth-idUSBRE86L03U20120...‎
   Reuters
   Jul 22, 2012 - LONDON (Reuters) - Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, ...
3. Super-Rich Hold Up To $32 Trillion In Offshore Havens ...
   www.huffingtonpost.com/.../super-rich-offshore-havens_n_1692608.ht...‎
   Jul 22, 2012 - Private wealth held offshore represents "a huge black hole in the world economy," Henry said in a statement. (Reporting by Chris Vellacott)

 

[tmonster]

We need average dudes like Jeff foxworthy to run office

 

[Ethnic Vagina Finder]

Instead of investing in businesses which would create jobs they invest in the stock market and hoard.

 

[DEAD7]

Instead of investing in businesses which would create jobs they invest in the stock market and hoard.

Now why would they start doing that?

 

[IAmGettingAMailOrderBride]

It's kinda funny though how all these rich people just save money store gold etc
But when shyt hits the fans (natural disaster/apocalypse) all that saving won't mean shyt

 

[Jhoon]

Shiller already told you about the problem. The problem is capitalism. until you get rid of this goofy practice, youre going to continue to experience this phenomenon.

 

[Ethnic Vagina Finder]

Shiller already told you about the problem. The problem is capitalism. until you get rid of this goofy practice, youre going to continue to experience this phenomenon.

It's not capitalism its:

1. wealth created out of thin air. Easy money. You got companies that make apps being bought for hundreds of millions. You got the stock market which creates and manipulates money of thin air through speculation and bullshyt valuations.

2. Credit and Debt. The economic system is based on people owing shyt short and long term.

3. All of that wealth creation and easy credit sever has turbines that have systematically funneled money to not only a small concentration of u.s. corporation and citizens but out of the damn country.

 

[Jhoon]

It's not capitalism its:

1. wealth created out of thin air. Easy money. You got companies that make apps being bought for hundreds of millions. You got the stock market which creates and manipulates money of thin air through speculation and bullshyt valuations.

2. Credit and Debt. The economic system is based on people owing shyt short and long term.

3. All of that wealth creation and easy credit sever has turbines that have systematically funneled money to not only a small concentration of u.s. corporation and citizens but out of the damn country.

your perception of this issue troubles me. The problem is this economic ideology. If capitalism is a disease, the points you presented are only the symptoms, and youre not getting kudos for solving symptoms in my world. To cure the disease you have to tackle the problem at its core. Adam smith was wrong. The constitution is wrong. Until then, we are going tk have these issues.

 

[tmonster]

It's kinda funny though how all these rich people just save money store gold etc
But when shyt hits the fans (natural disaster/apocalypse) all that saving won't mean shyt

don't forget famine, riot and disease
many would do well to see the video where Shiller hints at the potential for uprising

 

[Ethnic Vagina Finder]

your perception of this issue troubles me. The problem is this economic ideology. If capitalism is a disease, the points you presented are only the symptoms, and youre not getting kudos for solving symptoms in my world. To cure the disease you have to tackle the problem at its core. Adam smith was wrong. The constitution is wrong. Until then, we are going tk have these issues.

Capitalism is just a word. It don't mean nothing. Rich people made that word up to poor people.

Capitalism is the rabbits foot in Mission Impossible 3.
Capitalism is the light inside the brief case in Pulp Fiction.

Meanwhile everyone is getting fukked or fukking somebody else out of money.

 

[DEAD7]

Capitalism is just a word. It don't mean nothing. Rich people made that word up to poor people.

Capitalism is the rabbits foot in Mission Impossible 3.
Capitalism is the light inside the brief case in Pulp Fiction.

Meanwhile everyone is getting fukked or fukking somebody else out of money.

 

[philmonroe]

It's kinda funny though how all these rich people just save money store gold etc
But when shyt hits the fans (natural disaster/apocalypse) all that saving won't mean shyt

Makes you feel good saying that like us regualr people ain't gone too with less toys to enjoy in the meantime lol