00:00It's all well and good to have a system of progressive taxation where you try to have
00:05higher taxes on income and capital gains and inheritance and all of that.
00:09But because billionaires often have complex international structures of trusts and investment
00:15vehicles and so on that allow them to minimise or avoid tax, it makes it very hard to extract
00:21that cash in the first place.
00:22So I think that as well as thinking hard about those traditional types of taxation, I think
00:29sort of modern redistribution theories are important to try to think about how to address
00:34this problem of billionaires.
00:36Things like introducing universal basic income or having luxury or consumption taxes which
00:42focus on conspicuous spending like people buying yachts or mega mansions or whatever, or even
00:48coming to corporate governance reforms to limit the way that executive pay is in ratio with
00:57employees' pay.
