About Tax System
Our tax system, political and economic system has got more more screwed up over the past 10-20 years (I’m not talking specifically about any particular country). I don’t think it is that hard to make headway improving it. I don’t think we don’t need re-invent new stuff (about tax system). All about to do is Economics 101. There are just basic principles that work very well. And the 20th century, we sort of forgot in terms of investing in education, investing in infrastructure, welcoming emergence, having a tax system that was more aggressive and fair and one point tax rates were on top incomes significantly higher and they have come a lot point where in many cases they are lower now and they are for poor people. So we can do things like earn income tax credit to get little bit stable, I like to see more pigouvian taxes and that means you tax things that bad instead of things good. It’s right now; we tax labor, capital and which is unfortunate because one of the basic principles of economics if you tax something you attend to less of it. So right now there are worked to be done and still capital has been investing it. But instead we should be taxing things like pollution and congestion and if we did that we’ll have less pollution because of the carbon tax. If we tax carbon we could raise hundreds of billions of dollars we could take that money and re-distribute it to income tax credit or the other things. So that overall, our tax system will become more progressive. We could tax, congestion jams one of the things that kills me as a person. Every time I sit in traffic jams, I know that is completely unnecessary. This is a complete waste of time. Because they are taking cost for me and all the people around me. And if they charge the congestion tax. Then I still be a pain, because I paid congestion tax instead of paying my time, but that money will available for development. Be able for infrastructure, be able to give people and they can buy the food or whatever. So there are lots of things like that. The economists can make our economy much more efficient, become more fair and invest R&D. Investments in R&D and human capital can speed the rate of tech progress so if we do that then we will be healthier and wealthier.