Will billionaires like Jeff Bezos and Elon Musk ever pay their fair share of taxes? Or are they just destined to find loophole after loophole, as they bury their massive wealth in illiquid stocks and shares?
In this ‘Mehdi Unfiltered’ interview, world-renowned expert on tax avoidance and wealth inequality, economist Gabriel Zucman, explains to Mehdi why a wealth tax may be the perfect response to billionaires’ shady tax tricks.
“People like Elon Musk or Jeff Bezos in some years [were] reporting no income and paying no income tax,” says Zucman, who is also an economics professor at UC Berkeley and the Paris School of Economics. “That’s why if you want to ensure that the super rich pay their fair share, you have to go after wealth itself.”
In the interview, Zucman debunks arguments against a wealth tax and explains why such a measure is so urgent right now, on both sides of the Atlantic.
He and Mehdi also discuss:
California’s impending vote on Proposition 40, which would implement a one-time 5% wealth tax on the state’s billionaires
How billionaires like Musk and Bezos benefit from hoarding their wealth into their holding companies
Why billionaire entrepreneur Mark Cuban and California Governor Gavin Newsom are wrong to argue that a wealth tax will drive away business
Whether the UK’s new Labour Prime Minister Andy Burnham should consider a wealth tax
Why some wealth taxes have failed in other countries, like France
Paid subscribers can watch the 24 minute-long interview in full above, without a paywall. Free subscribers can watch a 2-minute preview. Consider upgrading your subscription to unlock all Zeteo has to offer.
Check out Zucman’s newest book, We Need To Tax Billionaires. And if you’ve already read it, feel free to share your review of the book in the comments below!
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