Seven key takeaways from the absolute must read "The Triumph of Injustice" by Emmanuel Saez & @gabriel_zucman.
#1 The US has become a gigantic flat tax
#1 The US has become a gigantic flat tax
#2 For the first time on record in the US, billionaires pay less taxes than the working class.
#3 The decline of progressive taxation story is decline is corporate & property taxation story.
#4 Capital taxes do not reduce capital accumulation in the long run. Perhaps one of the most important graphs of the book. I repeat, in the long run, capital accumulation does not depend on capital tax rate. Once again: capital accumulation does *not* depend on capital tax rate.
#5 Paper profits are moving to tax havens, real activity less so (and also: consumers from rich countries can't be delocalized at all).
#6 Tax competition is a *zero* sum theft: any dollar of revenue earned in a tax haven is lost somewhere else.
#7 Tax injustice is a political choice.
