{"id":10064,"date":"2014-06-22T20:30:23","date_gmt":"2014-06-23T00:30:23","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=10064"},"modified":"2014-06-22T20:30:23","modified_gmt":"2014-06-23T00:30:23","slug":"the-inequality-debate-thomas-piketty-and-ryan-bourne-iea","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/","title":{"rendered":"The inequality debate | Thomas Piketty and Ryan Bourne IEA"},"content":{"rendered":"<p>The inequality debate: Thomas Piketty and Ryan Bourne, of the Institute of Economic Affairs.<\/p>\n<p>http:\/\/vimeo.com\/98715433<\/p>\n<p>One mistake Piketty makes: he uses a marginal tax rate of 80% in the US in the 1920s and 1930s on incomes over $1 million to justify higher taxes on incomes over $1 million today. This fails to consider inflation. Adjusted for the CPI, an income of $1m in 1920 equates to an income of $12m today. <\/p>\n<p>High marginal tax rates in the 1920s in the US were introduced to pay back war debt from WWI. They had the opposite effect of that intended and reduced tax collections. <a href=\"http:\/\/goldstocksforex.com\/2012\/09\/12\/raising-taxes-73-of-nothing-is-nothing\/\" title=\"Raising taxes: 73% of nothing is nothing\" target=\"_blank\">Treasury secretary Andrew Mellon subsequently increased tax collections by reducing maximum tax rates<\/a>, with the famous quip: &#8220;73% of nothing is nothing.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The inequality debate: Thomas Piketty and Ryan Bourne, of the Institute of Economic Affairs. http:\/\/vimeo.com\/98715433 One mistake Piketty makes: he uses a marginal tax rate of 80% in the US in the 1920s and 1930s on incomes over $1 million to justify higher taxes on incomes over $1 million today. This fails to consider inflation. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The inequality debate | Thomas Piketty and Ryan Bourne IEA&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,33,34],"tags":[1798,3650],"class_list":["post-10064","post","type-post","status-publish","format-standard","hentry","category-taxes-inequality","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-income-inequality","tag-wealth-inequality"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The inequality debate | Thomas Piketty and Ryan Bourne IEA - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The inequality debate | Thomas Piketty and Ryan Bourne IEA - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The inequality debate: Thomas Piketty and Ryan Bourne, of the Institute of Economic Affairs. http:\/\/vimeo.com\/98715433 One mistake Piketty makes: he uses a marginal tax rate of 80% in the US in the 1920s and 1930s on incomes over $1 million to justify higher taxes on incomes over $1 million today. 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This fails to consider inflation. &hellip; Continue reading \"The inequality debate | Thomas Piketty and Ryan Bourne IEA\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_published_time":"2014-06-23T00:30:23+00:00","author":"ColinTwiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ColinTwiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/"},"author":{"name":"ColinTwiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5"},"headline":"The inequality debate | Thomas Piketty and Ryan Bourne IEA","datePublished":"2014-06-23T00:30:23+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/"},"wordCount":131,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["income inequality","wealth inequality"],"articleSection":["Taxes &amp; Inequality","UK &amp; Europe","US &amp; Canada"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/","name":"The inequality debate | Thomas Piketty and Ryan Bourne IEA - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2014-06-23T00:30:23+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"The inequality debate | Thomas Piketty and Ryan Bourne IEA"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. 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Summers","author":"ColinTwiggs","date":"May 19, 2014","format":false,"excerpt":"Larry Summers exposes the flaw in Thomas Piketty\u2019s Capital in the Twenty-First Century. Piketty argues that inequality is rising because the rate of return on capital is higher than the economy's growth rate. Does not the rising share of profits in national income in most industrial countries over the last\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Marginal welfare loss from a small increase in selected Australian taxes","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13720,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/19\/the-inequality-puzzle-lawrence-h-summers-2\/","url_meta":{"origin":10064,"position":1},"title":"The Inequality Puzzle | Lawrence H. Summers","author":"ColinTwiggs","date":"May 19, 2014","format":false,"excerpt":"Larry Summers exposes the flaw in Thomas Piketty\u2019s Capital in the Twenty-First Century. Piketty argues that inequality is rising because the rate of return on capital is higher than the economy's growth rate. Does not the rising share of profits in national income in most industrial countries over the last\u2026","rel":"","context":"In &quot;Market Insights&quot;","block_context":{"text":"Market Insights","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/market-insights\/"},"img":{"alt_text":"Marginal welfare loss from a small increase in selected Australian taxes","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":9879,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/","url_meta":{"origin":10064,"position":2},"title":"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty","author":"ColinTwiggs","date":"May 24, 2014","format":false,"excerpt":"From Alan Reynolds: First of all, the Piketty and Saez estimates do not show top 1 percent income shares nearly as high as those of 1916 or 1928 once we use the same measure of total income for both prewar and postwar data.Second, contrary to Summers, there is no data\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10068,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/richard-epstein-on-thomas-piketty-iea\/","url_meta":{"origin":10064,"position":3},"title":"Richard Epstein on Thomas Piketty | IEA","author":"ColinTwiggs","date":"June 22, 2014","format":false,"excerpt":"Excellent critique by Richard Epstein, Professor Emeritus of Law and Senior Lecturer at the University of Chicago Law School, of the thesis and policy recommendations of French economist Thomas Piketty from his recent book, Capital in the Twenty-First Century. http:\/\/vimeo.com\/98657610 With voluntary bargaining, one can assume that both parties will\u2026","rel":"","context":"In &quot;Taxes &amp; Inequality&quot;","block_context":{"text":"Taxes &amp; Inequality","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/taxes-inequality\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5432,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/12\/raising-taxes-73-of-nothing-is-nothing\/","url_meta":{"origin":10064,"position":4},"title":"Raising taxes: 73% of nothing is nothing","author":"Colin Twiggs","date":"September 12, 2012","format":false,"excerpt":"President Francois Hollande recently increased the top income tax rate in France to 75 percent -- for incomes in excess of \u20ac1 million. This is part of a wider trend with President Obama targeting the wealthy in his election campaign, promising to raise taxes on incomes in excess of $1\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9916,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/27\/3-reasons-to-be-suspicious-of-the-inequality-debate\/","url_meta":{"origin":10064,"position":5},"title":"3 Reasons to be suspicious of the inequality debate","author":"ColinTwiggs","date":"May 27, 2014","format":false,"excerpt":"My concerns with the inequality debate are twofold: The poor are seldom rescued from poverty by redistribution. Raising taxes on the rich to bolster welfare payments increases dependence of the latter on government. While this may be a sound political strategy to garner votes, dependence on handouts robs people of\u2026","rel":"","context":"In &quot;Taxes &amp; Inequality&quot;","block_context":{"text":"Taxes &amp; Inequality","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/taxes-inequality\/"},"img":{"alt_text":"Marginal welfare loss from a small increase in selected Australian taxes","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/10064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=10064"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/10064\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=10064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=10064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=10064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}