How can redistribution of somebody else’s money help you? Thomas Piketty must be wrong.

I have not read Thomas Piketty’s book, “Capital in the Twenty-First Century,” and I don’t intend too. I probably wouldn’t understand it and I’m probably too cheap to buy it anyway, it costs $24 on Amazon.

I have, however, read many reviews and commentary on the book both praising and criticizing its conclusions and recommendations. Piketty advocates a top tax rate above 80% on very high salaries, combined with a global tax that increases with the amount of wealth to 2% or more.

In other words, to tackle “inequality” we tax not only the incomes of the wealthy at confiscatory levels, but their accumulated wealth that has already been taxed. Some observers attempt to make a distinction between wealth earned and wealth inherited and to make us all more equal would substantially raise inheritance taxes.

In the context of this book I have also read that it points out that liberal ideas for addressing inequality of income, like education and training and similar things to help individuals raise their status simply don’t work so we have to tax the high income into equality.

So I have one question. What will governments do with all this new-found income that will fundamentally change life and opportunity for everyone who is not wealthy or are we just out to punish others to make us feel more equal?

In some countries citizens are highly taxed, but in return get “free” health care, child care and college education not to mention livable pensions. That’s ok if you want to turn all that over to your government to provide in exchange for less discretionary income. On the other hand, where is the fairness to highly tax one segment of society when in the final analysis we all have a chance at success and if not, our real focus should be on making sure that is true?

Current thinking is like tearing down the pyramids because we want equal headstones.

There is a lot to be done to make the tax code more efficient and fairly progressive. Let’s start there. Oh right, better to stick with populist rhetoric than do the hard work of solving problems.