One of the underlying important themes that the Tax Justice Network and I have emphasised over the last decade has been the continual shift of the burden of taxation from capital onto labour. As if evidence were needed that this trend is continuing, this was the headline from an email that I received this morning from the OECD:
Of course, the situation varies from country to country. It is the trend that is important, and that is a continuing explanation for the crisis that our economy, and that of the world at large, faces. Growth without a rising share of labour income is not possible: inequality prevents it.