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Bill Mitchell — The ‘tax the rich’ call bestows unwarranted importance on them

Summary:
Bill answers the main questions about MMT and a progressive agenda to address wealth inequality. There is no need for a currency issuer to tax to obtain the funds it issues itself. The reasons that a currency issuer should tax excessive wealth is political, in that wealth conveys political power. Neoliberalism differs from classical liberalism (laissez-faire) by harnessing government to promoting the interests of capital rather than reducing government involvement in the economy as a matter of principle.Bill Mitchell – billy blogThe ‘tax the rich’ call bestows unwarranted importance on themBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

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Bill answers the main questions about MMT and a progressive agenda to address wealth inequality.

There is no need for a currency issuer to tax to obtain the funds it issues itself.

The reasons that a currency issuer should tax excessive wealth is political, in that wealth conveys political power.

Neoliberalism differs from classical liberalism (laissez-faire) by harnessing government to promoting the interests of capital rather than reducing government involvement in the economy as a matter of principle.

Bill Mitchell – billy blog
The ‘tax the rich’ call bestows unwarranted importance on them
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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