Billionaires hurt economic growth and should be taxed out of existence, says bestselling French economist

Piketty said he has gained hope from the presidential campaigns of Bernie Sanders and Elizabeth Warren. Warren has proposed a 2% wealth tax on those worth $50 million or more, while Sanders has proposed boosting estate taxes.

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KEY POINTS
  • A popular French economist says billionaires are harmful to economic growth and would be effectively abolished under his tax plan,
  • In an interview with the French magazine L’Obs, Thomas Piketty calls for a graduated wealth tax of 5% on those worth 2 million euros or more and up to 90% on those worth more than 2 billion euros.
  • Piketty says the notion that billionaires create jobs and boost growth is false.

GP: Thomas PikettyFrench economist Thomas Piketty poses during a photo session in Paris on September 10, 2019. Joel Sagat | AFP | Getty Images

A popular French economist says billionaires are harmful to economic growth and would be effectively abolished under his tax plan, according to an interview.

Thomas Piketty, whose 2013 book on inequality, “Capital in the 21st Century,” became a global bestseller and bible for tax-the-rich progressives, just published a 1,200-page follow-up book called “Capital and Ideology.”…

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