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The New Davos Challenge

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17.01.2020

DAVOS – The World Economic Forum’s annual flagship meeting this year will focus on how to build a more cohesive and sustainable world. As always, the topic is timely, but also a little abstract. To help give it more concrete form, we have a few proposals to put the prevailing economic model on a better track and focus the discussion.

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    First, it is time to overhaul the US tax code to reduce structural wealth inequality. To that end, America should get rid of the “carried-interest” loophole. A provision that was originally intended to encourage long-term investment has become a massive tax break for financiers working in private equity and at hedge funds. Although the 2017 Tax Cuts and Jobs Act placed some limitations on this finance-friendly rule, it remains in place.

    By the same token, America should do away with the “stepped-up cost basis” loophole, which has become a key way by which the rich avoid taxation when bequeathing their wealth to........

    © Project Syndicate