Colombia Can't Pull Off Its Piketty Tax Alone. Just Ask Sweden

A street vendor makes food in the El Hueco neighborhood of Medellin, Colombia Photograph by Mariana Greif Etchebehere/Bloomberg

On Monday, Andres Escobar, Colombia’s deputy finance minister, told reporters in Bogota that the country plans to impose a 2.25 percent annual wealth tax on fortunes greater than $4 million, with lower rates on all wealth above $385,000. The move was inspired by the work of the economist and heartthrob Thomas Piketty, who argues that returns on wealth should be kept below broader economic growth.

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