In his new book, Joseph Stiglitz outlines a sweeping plan to correct economic inequality http://www.theatlantic.com/business/archive/2015/11/stiglitz-heres-how-to-fix-inequality/413761/ … #choices
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@paulg You start by getting rid of lower taxes on capital gains. End the carried interest deduction. Stop tying CEO comp to stock price. -
@timoreilly Changing tax rates might make founders 1/3 poorer, but startups make them 100x richer, so that won't fix inequality. -
@paulg You're looking at this thru a very narrow filter. Startups aren't the issue. Financialization of the economyhttp://www.tcf.org/blog/detail/graph-how-the-financial-sector-consumed-americas-economic-growth … -
@timoreilly Maybe. But if you ban hedge funds the people who start them will start startups instead and inequality will be just as bad. -
@paulg I call b******* on that one, Paul. Do some reading on some other aspects of the economy besides startups -
@timoreilly I've already seen this "bullshit" happening. YC has funded many refugees from finance as the returns there have decreased. -
@paulg Yeah, and a lot of the startups are the same extractive game, rather than one creating real wealth. -
@timoreilly In fact not. But even if they were, they'd prevent fixing inequality, which is my point in this thread. - 1 more reply
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@paulg Goal not to stop billionaires. Just, as Warren Buffet noted, to end the practice of him paying a lower tax rate than his secretary. -
@timoreilly If so it's not going to correct economic inequality. Buffet would still be massively richer if he paid the same tax. -
@paulg@timoreilly I'm not aware of anyone arguing for a gini coefficient of 0. The debate is about whether & how to bring up that bottom. -
@StartupLJackson Sounds great. But fixing poverty is not correcting economic inequality, which is what this plan was advertised as. -
@StartupLJackson E.g. there are measures that will fix poverty but make economic inequality worse. They are separate ideas. -
@StartupLJackson In fact most technology has had that effect. In Neolithic Europe people were pretty equal, but all poor by our standards. -
@paulg@StartupLJackson And yet people like Mitt Romney shouldn't have had a 17% tax rate while I had 40%. - 2 more replies
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@paulg@timoreilly@StartupLJackson How about: Invest in public education, research and infrastructure (like the Internet)? -
@antonycourtney@timoreilly@StartupLJackson Sounds great, but what if that doesn't decrease economic inequality? -
@paulg@timoreilly@StartupLJackson personally I’m far more interested in equality of opportunity than in equality of outcomes. - 1 more reply
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