But extreme inequality should not be ignored—or worse, celebrated as a sign that we have a high-performing economy and healthy society.
.. But rather than move to a progressive tax on capital, as Piketty would like, I think we’d be best off with a progressive tax on consumption.
.. I agree that taxation should shift away from taxing labor. It doesn’t make any sense that labor in the United States is taxed so heavily relative to capital. It will make even less sense in the coming years, as robots and other forms of automation come to perform more and more of the skills that human laborers do today.