Thomas Piketty Calls for “Inheritance for All”

September 15, 2019 | Headlines, News

Progressive Economist Seeks Policies to “Overcome Capitalism”

French economist Thomas Piketty has released a new book called “Capital and Ideology.” So, look out hedge fund managers and would-be billionaires. Piketty is coming for your money.

In the 1,232-page book, he calls on the French government to pay every citizen $132,000 (or 120,000 euros) on their 25th birthday.

Dubbing this payment “Inheritance for All,” Piketty outlines his lasted revolutionary idea to address wealth inequality.

French Economist Thomas Piketty Proposes Up to 90% Tax Rates

Although Thomas Piketty did not respond to interview requests from CNBC on how to fund such a program, the book argues for taxes as high as 90% on the nation’s wealthiest citizens.

″[T]hose with several hundred million euros, or several billion, will have to share power,” Piketty told French magazine L’Obs. Picketty has also called for changes in government structure. His book reportedly argues that no one shareholder should own more than 10% of a company’s voting rights. In addition, he calls for employees to have at least half of the board seats on any company.

Further, he argues that billionaires should effectively be taxed out of existence. In the same interview with L’Obs, Piketty wants a 5% wealth tax on all people with more than two million euros or more. He has also proposed a tax of up to 90% on people worth more than two billion euros.

Piketty made waves in 2013 with his book “Capital in the 21st Century. The book became a how-to guide for tax-the-rich politicians. The English version of his new book will hit shelves in March 2020.

Piketty’s policies have emerged in the tax platforms of Democratic hopefuls Elizabeth Warren – who wants a 2% wealth tax on all estates valued at more than $50 million. Meanwhile, Independent socialist Bernie Sanders has pushed for higher estate taxes on the wealthy.

His book is currently available in France under the title Capital et idéologie.

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