Tax incentive to share assets

March 19, 2026

I agree that “ the real divide is wealth, not generations” because the concentration of assets concentrates political power to undermine our democracy. It is a dimension neglected by economists around the world.

It is neglected because on page 353 of his 2017 book, Picketty could not explain how “through most of human history, the inescapable fact is that the rate of return on capital was always at least 10 to 20 times greater the rate of growth output (and income).” Asset inequality explains how the Oxfam Press Release of 2017 could report “eight men own more assets than half the poorest individuals on the planet.”

Allegra Spender, like Picketty, want to tax assets, but no politically acceptable tax can stop a growth rate of “at least 10 to 20 times”. What is required is a counter intuitive self-funding tax incentive for ownership sharing.

An incentive for corporations to issue free shares to voters would obtain the support from all politicians. Even the Deputy Prime Minister of Australia who launched my 1975 book on Democratising the wealth of Nations.