Trump, Macron tax plans both favor the rich

Donald Trump, the populist, nationalist President of the United States, and Emmanuel Macron, the sophisticated, cosmopolitan President of France, may seem like mirror opposites.

And, indeed, Trump in 2017 spoke favorably of Macron’s opponent, Marine Le Pen, while Macron has been highly critical of Trump.

But they both represent the interests of the economic elite, according to Thomas Piketty, the famous economist who wrote Capital in the 21st Century. 

They both support changes in the tax laws that will increase the share of income of the wealthiest Americans and French.

Piketty says the American and French economic elite have taken almost all the benefit of income growth in the past few decades, and don’t need any more.  Both countries’ new tax laws would—

  • Leave working people feeling even more alienated from their governments than before.
  • Leave the public feeling even more unwilling to make sacrifices need to curb global warming.   If rich people can live even more lavishly than before, why should the rest of us accept the burden of a carbon tax?
  • Leave governments even fewer resources to reduce poverty, either on a national or a global scale.

As Piketty wrote, economic policies that benefit the economic elite at the expense of everybody else, in addition to being bad in themselves, are like to lead to a nationalist backlash that benefits nobody.

This is not an issue that is limited to the USA and France.

LINK

Trump, Macron: same fight on Le blog de Thomas Piketty.

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