Contributions to public policy debates

Since January 2025: new texts are posted on Substack (EN) and Kessel (FR)

A blueprint for a coordinated minimum tax on the super-rich

A growing body of evidence shows that contemporary  tax systems fail to tax the very rich effectively. In 2021, more than 130 countries and territories agreed on a minimum tax rate of 15% for multinational companies. The same logic could be applied to ultra-high-net-worth individuals. A minimum tax on billionaires equal to 2% of their wealth would generate more than $200 billion in government revenue globally each year.

Progressive wealth taxation, part of the ideal tax system

In addition to the income tax and the estate tax, a progressive wealth tax is part of the idea triptych of progressive taxation. A tax at a rate of 2% above $50 million and 3% above $1 billion would significantly increase the progressivity of the tax system and generate substantial tax revenue in the United States. A tax at a rate of 10% above $1 billion would reduce the concentration of wealth in the long run.

Towards a global asset registry 

We need a global asset registry recording the beneficial owners of the world’s financial and real assets. Such a registry would make it possible to not only reduce tax evasion, but also curb money laundering, monitor international capital flows, fight kleptocracy, and better measure inequality.

Profit shifting and tax competition

There is nothing inherent in globalization that requires that the corporate tax should disappear. Tax competition is a choice, but other choices are possible. For example, any country could unilaterally apportion the global profits (or the global tax deficit) of multinational firms proportionally to where they make their sales. Such a system would put an end to multinationals’ tax avoidance and tax competition.

Regulating tax havens

Sanctions can change the incentives of the firms and countries that facilitate financial crimes. Banks and law firms found helping tax evasion should be put out of business. The United States and the European Union could apply proportional economic sanctions to non-cooperative tax havens. Tax cooperation needs to be put at the center of international economic agreements.

Dynamics of U.S. inequality

Income and wealth inequality have increased dramatically in the United States since the 1980s, much more than in the rest of the developed world. Policies play a key role in shaping the distribution of economic resources.

Covid-19 crisis

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