Billionaires hurt economic growth and should be taxed out of existence, says Thomas Piketty
A popular French economist said billionaires are harmful to economic growth and would be effectively abolished under his tax plan, according to an interview with the French magazine L'Obs.
Thomas Piketty called for a graduated wealth tax of 5% on those worth 2 million euros or more, up to 90% on those worth more than 2 billion euros.French economist Thomas Piketty poses during a photo session in Paris on September 10, 2019.A popular French economist said billionaires are harmful to economic growth and would be effectively abolished under his tax plan, according to an interview.
Thomas Piketty, whose 2013 book on inequality, "Capital in the 21st Century," became a global bestseller and bible for tax-the-rich progressives, just published a 1,200-page follow-up book called "Capital and Ideology." It won't be published in English until March. But in an interview with the French magazine L'Obs, Piketty called for a graduated wealth tax of 5% on those worth 2 million euros or more, up to 90% on those worth more than 2 billion euros.
"Entrepreneurs will have millions or tens of millions," he said in the interview. "But beyond that, those who have hundreds of millions or billions will have to share with shareholders, whom could be employees. So no, there won't be billionaires anymore.
Piketty said he is hopeful given the presidential campaigns of Bernie Sanders and Elizabeth Warren. Warren has proposed
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