Re:Summers on Piketty
by saalweachter on Wednesday May 21, 2014 @03:15PM
(#7780147)
Where the derivative is "income". In the US, property tax is a wealth tax.
"Progressive" is orthogonal to "wealth"/"income". You could have a progressive wealth tax, where individuals with large amounts of wealth are taxed at a higher rate than individuals with smaller amounts of wealth. E.g., if a $10 million house was taxed at 10%, and a $100,000 house was taxed at 1%, that would be a progressive wealth tax. If all houses were taxed a flat $1000, regardless of their value, that would be a very regressive wealth tax.
"Progressive" is orthogonal to "wealth"/"income". You could have a progressive wealth tax, where individuals with large amounts of wealth are taxed at a higher rate than individuals with smaller amounts of wealth. E.g., if a $10 million house was taxed at 10%, and a $100,000 house was taxed at 1%, that would be a progressive wealth tax. If all houses were taxed a flat $1000, regardless of their value, that would be a very regressive wealth tax.