One way to have broader access to wealth is to reduce the tax on the large group and increase the tax on the very top so concentration of wealth doesn't get to extreme levels.
Interpretation
Tax reforms can help redistribute wealth more evenly across society.
In this quote, Thomas Piketty advocates for a tax system that alleviates the financial burden on the majority while placing a greater tax burden on the wealthiest individuals. This approach aims to prevent the excessive concentration of wealth in the hands of a few, which can lead to social inequality and economic instability.
In practice
In a discussion about economic policy reform, citing how adjusting tax rates can address wealth inequality.
Contrary to a tenacious myth, France is not owned by California pension funds or the Bank of China, any more than the United States belongs to Japanese and German investors. The fear of getting into such a predicament is so strong today that fantasy often outstrips reality. The reality is that inequality with respect to capital is a far greater domestic issue than it is an international one.
The main force pushing toward reduction in inequality has always been the diffusion of knowledge and the diffusion of education.
Over a long period of time, the main force in favor of greater equality has been the diffusion of knowledge and skills.
There is one great advantage to being an academic economist in France: here, economists are not highly respected in the academic and intellectual world or by political and financial elites. Hence they must set aside their contempt for other disciplines and their absurd claim to greater scientific legitimacy, despite the fact that they know almost nothing about anything.
When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.
Having a decent share of the national wealth for the middle class is not bad for growth. It is actually useful both for equity and efficiency reasons.
We ask our companies to restructure; we ask employees to work more for less money because there is overproduction, but then we're unable to defend them from cheaper Chinese imports. We are insane.
The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.
Not only do unemployment benefits help families who are hurting; they also put money into their pockets that they'll then spend - and their spending will keep other Americans in jobs.
A just wage for the worker is the ultimate test of whether any economic system is functioning justly.
While it won't solve all the world's ills - and ideas such as a rent cap and more social housing are necessary in places where housing is scarce - a basic income would work like venture capital for the people.
When you have a tax system in which most of the exemptions and the lowest rates benefit the richest, all in the name of job creation, all that happens is that the rich get richer.
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