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Big Tech firms flagrantly disregard the implicit social contract—the time has come to curb their market power.

Extremely high levels of wealth are were not typically generated by people who were saving out of the income that they earned. Instead, high levels of wealth are typically about assets that rose considerably in value–sometimes land or real estate, often stock in a company. Billionaires like Elon Musk or Kim Kardashian don’t have a … Continue reading Three Options for Taxing Wealth
The post Three Options for Taxing Wealth first appeared on Conversable Economist.

The UK has a crucial role to play in the debate over how the EU should be reformed. This session engages in a conversation as to why and how.

As men in expensive suits discuss running the world at Davos this week, taxation can rein in their power.

One of the more absurd ideas floating around is that we must tax wealth more. Some are even suggesting that a rise in an asset value should pay income tax, even if that asset is not sold and the value not crystallised. There really has been a bill put together in the US Congress along those lines - although it's still a bit too silly even for them to get beyond the thinking about stage. One reason for the silliness is that of course refunds would have to be paid if asset values fall:Rishi Sunak's rise to the top job in British politics has coincided with a colossal fall in the fortune shared by him and his wife, Akshata Murty.This year's Sunday Times Rich List, published today, reveals that the couple's wealth has fallen by more than half a million pounds a day over the past 12 months. Their fortune is now estimated at £529 million.The couple's most valuable asset has long been a shareholding in Infosys, an Indian IT giant set up by Murty's father. When the pair made their debut on the Rich List in 2022 this stake had a value of £690 million.We'd love to see someone trying to defend a substantial tax refund to someone now only - only - worth a half billion. But beyond the silliness there's also another problem - such a tax wouldn't raise much money. The overall level of wealth doesn't change all that much. Who has it is what changes, certain fortunes rise, others fall. Which means that a very large portion of the receipts will have to be paid out again in refunds. The net, well, the net might well not even be positive for large periods of time. Adding a tax which gains negative revenue some to much of the time really just doesn't sound all that sensible.

Call for Applications of the Max Planck Institute for the Study of Societies in Köln. Deadline: February 15, 2024

Stellenausschreibung der Leuphana Universität Lüneburg. Deadline: 6. August 2023

Stellenausschreibung der Leuphana Universität Lüneburg. Deadline: 6. August 2023

Stellenausschreibung der Leuphana Universität Lüneburg. Deadline: 6. August 2023

In the face of soaring wealth inequality, Ingrid Robeyns‘ Limitarianism: The Case Against Extreme Wealth calls for restrictions on individual fortunes. Robeyns puts forward a strong moral case for imposing wealth caps, though how to navigate the political and practical hurdles involved remains unclear, writes Stewart Lansley. Watch a YouTube recording of an LSE event where Ingrid Robeyns spoke about … Continued

In April, the School of Social and Political Sciences, in collaboration with the Justice and Inequality research priority of the Faculty of Arts and Social Sciences, will be hosting Mike Savage, Martin White Professor of Sociology at the London School of Economics. He has a longstanding interest in the social and historical sources of inequality, within and across nations. From 2015 to 2020 Mike was Director of the LSE's International Inequalities Institute, and his most recent book is The Return of Inequality: Social Change and the Weight of the Past (Harvard University Press, 2021), praised by Thomas Piketty as a "major sociological contribution to the ongoing global debate on inequality and the return of social class".

During Mike's visit, we will be holding two public events: a forum on ‘The Eternal Return of the Rentier? How Our Past Weighs on Our Future’ and a public lecture on ‘The Racial Wealth Divide’ (details below). In addition, we will be holding two closed workshops: one on the hold of finance on public policy (and how to loosen or break it) (April 4-5) and another on the methodological and theoretical challenges facing inequality researchers at a time of escalating inequality (April 16). These events are invitation-only, but spaces are available – please contact martijn.konings@sydney.edu.au for further information.
Public lecture: The Racial Wealth Divide
10 April, 5:30-7 pmLecture Theatre 208, Veterinary Science Conference Centre, The University of SydneyPlease register to attendOver the past decade, escalating wealth inequalities have become apparent across the globe. It is increasingly evident that this is driven not by anonymous forces like "globalization" or "capital", but by elites who enjoy disproportionate power and influence. This lecture addresses the intellectual and political challenges posed by this trend. Most fundamentally, how should we define, measure, and track this wealth, given that its growth stems at least in part from elites' ability to stay under public, scholarly, and regulatory radars? How does wealth inequality reinforce racial, gender and other divides, and how does it shape social mobility and life chances across numerous domains? And what strategies could effectively advance the growing public interest in taxing wealth as a means to address entrenched wealth inequalities? This lecture discusses how wealth accumulation is underwritten by legal devices such as the 'non-domicile' tax regime; shows the roots of this in British imperial history, and considers the prospects for tax justice.
 
The post Mike Savage Public Lecture: ‘The Racial Wealth Divide’ appeared first on Progress in Political Economy (PPE).

Given that bien pensant thinking insists that wealth inequality is the very terror of our times this looks like good news:More than 3.5m people were stripped of their millionaire status last year as soaring inflation and a collapse in global currencies hit the value of private wealth.The number of people with assets totalling $1m (£790,000) fell from 62.9m to 59.4m during 2022, a report by UBS and Credit Suisse found.Britain suffered the third largest fall globally, with the number of millionaires dropping by 440,000 to 2.6m.The decline is the result of global wealth falling for the first time since the 2008 financial crisis.So society is better off then, isn't it? That appalling burden that so oppresses all has been lightened and now kittens gambol in sunbeams.Except, of course, we've seen no celebrations. The Guardian's comment pages have carried nary the one celebratory piece. Which is odd, very odd - for if wealth inequality were the problem those same pages insist then there should be encomiums to the new revelations. Also, life should be markedly better given the claimed problems the former inequality were said to have caused. It does occur that possibly, just maybe, the effects of this reduction have simply not been noted. Which does rather mean that the wealth inequality isn't a problem in the first place if a reduction in it makes no difference. The thought that the whole idea was just tosh cooked up to justify excessive taxation is just too horrible to contemplate of course.

With Democrats like Alexandria Ocasio-Cortez and presidential candidate Elizabeth Warren proposing wealth taxes, Kate and Luigi break down how these taxes have or haven't worked in other countries and whether they could work in America.

Plus: Why people believe doomer narratives, schools seek to define social media platforms as public nuisances, and more...

Information about the wealth gap between Blacks and whites increases Americans' awareness of disparity, but does little to increase their support for affirmative action, reparations Since the "racial reckoning" of 2020, Americans have become increasingly aware of the barriers Black people face to accessing economic opportunities and achieving intergenerational mobility. But despite widespread knowledge that […]
The post How do Americans react to the racial wealth gap? first appeared on Center for Political Studies (CPS) Blog.