Capitalism requires inequality of wealth, runs this right-of-centre argument, to stimulate risk-taking and effort; governments trying to stem it with taxes on wealth, capital, inheritance and property kill the goose that lays the golden egg.
On Piketty's central assumption of 1.7% annual economic growth and a 3% return on capital, inheritance flows will rise to around 16-17% of national income by mid-century and then stabilize.
Beyond specific taxation of rents are the issues of capital and inheritance taxation.
Is raising taxes on capital and inheritance, while lowering them on labour, a good way to fix it?
There are taxes on buying real estate, as well as on property, capital gains, inheritance and income earned on a property.
Enormous tax cuts for the rich are due in capital gains, inheritance and corporation tax while half these families' incomes is falling, says the Resolution Foundation.
Agricultural land has proved an even better punt for City money: with the help of capital gains, inheritance and income tax exemptions, as well as farm subsidies, its price has quadrupled in 12 years.
Most of the debate was about how the "rich" should be defined as an income bracket ranging from $250,000 to $1 million, not what kind of system we want for the taxation of capital or inheritance.
The Lib Dems believe the Scottish government should be able to fix not only income tax but also capital gains, inheritance and a whole range of other taxes.
Also, there is no capital gains, inheritance or estate tax, and significantly, there is zero tax on dividends--so it can make a lot of sense financially for Indians". "This makes it especially appealing to wealthy Indians who tend to live with large families and have family-run businesses," he said.
The president's boldest proposal, to reform America's tax system, has less hope of becoming law while he remains in office than Mr Clinton's scheme to permanently end the deficit.While Republicans can certainly sign up for the tax-cutting part of Mr Obama's suggestion, the idea of funding it by raising levies on capital gains, inheritances and big banks has gone down like a boulder.
