Must-Read: Glenn Hubbard Taking Capital’s Gains: Capital’s Ideas and Tax Policy in the Twenty-First Century, 68 National Tax Journal, 409–424 (June 2015): “This essay examines Thomas Piketty’s proposal in Capital in the Twenty-First Century for wealth taxation…

…as a policy tool for addressing rising wealth inequality. In so doing, I also address portions of his other two contributions — a history of inequality and wealth and a forecast for how wealth shares will evolve. While Piketty’s scope impresses, his tax policy conclusions miss the mark. Not only does his core analytical apparatus fail to bolster the case for greater taxation of capital, but familiar contemporary policy discussions of social insurance and consumption taxation better address the concerns he raises.