'Outside of billionaires and people starstruck in their presence, rational people mostly all agree we need to make our Earth a much more equal place,' writes Sam Pizzigati. Too_Much_Online TaxTheRich
a carefully argued 100-plus page report that essentially endorses the basic change agenda egalitarians brought to Davos.
The new BIS research extends this understanding, in an analysis that revolves around what BIS general manager Carstens styles “a new facet of inequality: its persistence or ‘hysteresis’ after recessions.” And what happens to societies once they lose that stability? Inequality leaves them less equipped to clean up their economic messes, either through traditional fiscal or monetary policies.
“Once upon a time,” as the European University Institute’s Jean Pisani-Ferry observes in his preface to the new BIS report, the world had “more pressing problems for central banks to deal with than income and wealth distribution.” No longer. Nations, the paper declares, need to reconsider their tax policies “more forcefully for their redistributive consequences.” That means “a return to the more progressive tax system that was in place after World War II, with marginal tax top rates that were much higher than today.”
And the BIS paper goes on to recognize that “the preservation of real income during recessions” requires as well “looking at pricing practices related to competition policies in various markets.” We need, the BIS paper declares, to reinforce “adequate regulation and anti-trust laws.” The price gouging we’ve seen during the pandemic “provides a good illustration” why we need this reinforcement.
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