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Even as they became fabulously wealthy, the rich have seen their
taxes collapse to levels last seen in the 1920s. Meanwhile, the
working-class has been asked to pay more. The Triumph of Injustice
is a forensic investigation into this dramatic transformation. In
crystalline prose, Emmanuel Saez and Gabriel Zucman dissect the
deliberate choices and the sins of indecision that have fuelled the
trend: the gradual exemption of capital owners; the surge of a new
tax-avoidance industry; and most critically, tax competition
between nations. They argue it is not too late to change course.
Instead of competition, we could choose co-operation, finding ways
to create a tax regime that serves universal, democratic ends. The
Triumph of Injustice offers a visionary and practical reinvention
of taxes for that globalised world.
Produced by a team of world-leading economists, this is the
benchmark account of recent and historical trends in inequality.
World Inequality Report 2022 is the most authoritative and
comprehensive account available of global trends in inequality.
Researched, compiled, and written by a team of world-leading
economists, the report builds on the pioneering edition of 2018 to
provide policy makers and scholars everywhere up-to-date
information about an ever broader range of countries and about
forms of inequality that researchers have previously ignored or
found hard to trace. Over the past decade, inequality has taken
center stage in public debate as the wealthiest people in most
parts of the world have seen their share of the economy soar
relative to that of others. The resulting political and social
pressures have posed harsh new challenges for governments and
created a pressing demand for reliable data. The World Inequality
Lab, housed at the Paris School of Economics and the University of
California, Berkeley, has answered this call by coordinating
research into the latest trends in the accumulation and
distribution of income and wealth on every continent. This new
report not only extends the lab's international reach but provides
crucial new information about the history of inequality, gender
inequality, environmental inequalities, and trends in international
tax reform and redistribution. World Inequality Report 2022 will be
a key document for anyone concerned about one of the most
imperative and contentious subjects in contemporary politics and
economics.
Even as they became fabulously wealthy, the rich have seen their
taxes collapse to levels last seen in the 1920s. Meanwhile
working-class Americans have been asked to pay more. The Triumph of
Injustice is a forensic investigation into this dramatic
transformation. Emmanuel Saez and Gabriel Zucman, economists who
revolutionised the study of inequality, demonstrate how the
super-rich pay a lower tax rate than everybody else. In crystalline
prose they dissect the deliberate choices and the sins of
indecision that have fuelled this trend: the gradual exemption of
capital owners; the surge of a new tax-avoidance industry and, most
critically, tax competition between nations. It is not too late to
change course. Instead of competition, we could choose cooperation,
finding ways to create a tax regime that serves universal,
democratic ends. The Triumph of Injustice offers a visionary and
practical reinvention of taxes for that globalised world.
We are well aware of the rise of the 1% as the rapid growth of
economic inequality has put the majority of the world's wealth in
the pockets of fewer and fewer. One much-discussed solution to this
imbalance is to significantly increase the rate at which we tax the
wealthy. But with an enormous amount of the world's wealth hidden
in tax havens in countries like Switzerland, Luxembourg, and the
Cayman Islands this wealth cannot be fully accounted for and taxed
fairly. No one, from economists to bankers to politicians, has been
able to quantify exactly how much of the world's assets are
currently hidden until now. Gabriel Zucman is the first economist
to offer reliable insight into the actual extent of the world's
money held in tax havens. And it's staggering. In The Hidden Wealth
of Nations, Zucman offers an inventive and sophisticated approach
to quantifying how big the problem is, how tax havens work and are
organized, and how we can begin to approach a solution. His
research reveals that tax havens are a quickly growing danger to
the world economy. In the past five years, the amount of wealth in
tax havens has increased over 25% there has never been as much
money held offshore as there is today. This hidden wealth accounts
for at least $7.6 trillion, equivalent to 8% of the global
financial assets of households. Fighting the notion that any
attempts to vanquish tax havens are futile, since some countries
will always offer more advantageous tax rates than others, as well
the counter-argument that since the financial crisis tax havens
have disappeared, Zucman shows how both sides are actually very
wrong. In The Hidden Wealth of Nations he offers an ambitious
agenda for reform, focused on ways in which countries can change
the incentives of tax havens. Only by first understanding the
enormity of the secret wealth can we begin to estimate the kind of
actions that would force tax havens to give up their practices.
Zucman's work has quickly become the gold standard for quantifying
the amount of the world's assets held in havens. In this concise
book, he lays out in approachable language how the international
banking system works and the dangerous extent to which the
large-scale evasion of taxes is undermining the global market as a
whole. If we are to find a way to solve the problem of increasing
inequality, The Hidden Wealth of Nations is essential reading.
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