Democracy is an illusion! It’s become a political system fostered by the élite, for the élite, in order to fool the people that they have a stake in the system. In actual fact, they have virtually none. The whole political system in the modern era, despite having noble beginnings, is now used to benefit the few at the expense of the many. – Mark Alexander, June 29, 2018
Friday, 12 November 2021
Ask Prof Wolff: Taxing Billionaires
Nov 12, 2021 • A Patron of Economic Update asks: "Now that Tesla is worth more than US $1 trillion, and Elon Musk is the wealthiest person in the world, there is more discussion of increasing the tax on billionaires specifically. Right-wingers are defending billionaires from taxation, arguing that unsold shares can't be taxed, and that billionaires, in their total pool of wealth, cannot fund the government for very long. Can you explain how taxation could work to include more progressive taxation of the billionaire class and refute some of the arguments from the right? Thanks." This is Professor Richard Wolff's video response.
