Interesting editorial this morning, based on arguments put forward by people like Keynes and Piketty.
There was a report a couple of days ago that said that those born in the 1980s (our children) will inherit more than half as much money from their parents as the average person earns in a lifetime.
In the 1970s U.K. households held wealth three times more than the GDP. Today it is 7 times more and the highest for over a century.
People in the top 10% own more than £2.5million. The bottom 10% nothing.
The difference can no longer be made up by saving from employment, which indicates that there is a class of people who are continuing to get more and more wealthy without actually working for their money. They are living off investments, property ownership etc. They are not consuming this money but banking it, and thus continually widening the inequality in the U.K. They are what is known as the rentier class.
This continuing and inevitable widening of equality has been brought into sharp relief during the pandemic.
The need to tax large fortunes is rising up the political agenda, because without this levelling of equality the wealthy will continue to exert undue and growing influence in every area of society, including tax laws, and government policy.
The greater the scarcity of capital the more influence this group has.
The tax system needs to be brought to bare both for reasons of fairness but for a greater level of democracy.
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