Gary Stevenson: “Your Kids Will Be Poorer Than You” | Prof G Conversations

The gist

1. The post-WWII middle class was built by 90% marginal income tax rates and high inheritance taxes, not by accident, and cutting them caused today's inequality.
2. Stevenson says compound interest, not borrowing schemes, is what keeps billionaire wealth growing, so inheritance must be taxed at 80-90% to stop concentration.
3. Property taxes on second homes, like a proposed $100k per year on $10M NYC condos, are hard to avoid because owners cannot flee without selling.
4. Defunding the IRS is effectively a hidden tax cut, since wealthy people face almost no audit risk while middle-income earners get targeted.