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.
Building new roads and bridges creates jobs. Growing our exports creates jobs. Reforming our outdated tax system and our broken immigration system creates jobs.
protected businesses never, never become competitive ... Halliburton, Bechtel, Parsons, KPMG, RTI, Blackwater and all other U.S. corporations that were in Iraq to take advantage of the reconstruction were part of a vast protectionist racket whereby the U.S. government had created their markets with war, barred their competitors from even entering the race, then paid them to do the work, while guaranteeing them a profit to boot - all at taxpayer expense.
I have come to a resolution myself as I hope every good citizen will, never again to purchase any article of foreign manufacture which can be had of American make, be the difference of price what it may.
The trouble with capitalism as a system is that only those who have or can get capital can make it work for them, and that leaves out damn near all of us.
A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.
Debt is a social and ideological construct, not a simple economic fact.
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