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The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay
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America’s runaway inequality has an engine: our unjust tax system.
Even as they became fabulously wealthy, the ultra-rich have had their taxes collapse to levels last seen in the 1920s. Meanwhile, working-class Americans have been asked to pay more. The Triumph of Injustice presents a forensic investigation into this dramatic transformation, written by two economists who revolutionized the study of inequality. Eschewing anecdotes and case studies, Emmanuel Saez and Gabriel Zucman offer a comprehensive view of America’s tax system, based on new statistics covering all taxes paid at all levels of government. Their conclusion? For the first time in more than a century, billionaires now pay lower tax rates than their secretaries.
Blending history and cutting-edge economic analysis, and writing in lively and jargon-free prose, Saez and Zucman dissect the deliberate choices (and sins of indecision) that have brought us to today: the gradual exemption of capital owners; the surge of a new tax avoidance industry, and the spiral of tax competition among nations. With clarity and concision, they explain how America turned away from the most progressive tax system in history to embrace policies that only serve to compound the wealth of a few.
But The Triumph of Injustice is much more than a laser-sharp analysis of one of the great political and intellectual failures of our time. Saez and Zucman propose a visionary, democratic, and practical reinvention of taxes, outlining reforms that can allow tax justice to triumph in today’s globalized world and democracy to prevail over concentrated wealth.
A pioneering companion website allows anyone to evaluate proposals made by the authors, and to develop their own alternative tax reform at taxjusticenow.org.
- ISBN-101324002727
- ISBN-13978-1324002727
- PublisherW. W. Norton & Company
- Publication dateOctober 15, 2019
- LanguageEnglish
- Dimensions6.3 x 0.9 x 9.3 inches
- Print length232 pages
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From the Publisher
Editorial Reviews
Review
― David Leonhardt, New York Times
"One of the best books I’ve read this year. Crystal clear, rigorously empirical. Should be read by policymakers from around the globe, especially in the US. It’s the to-do-list for the next president."
― Rutger Bregman, author of Utopia for Realists
"In 2018, for the first time in more than one hundred years, billionaires paid a lower tax rate than ordinary workers, crowning the dismantling of America’s system of progressive taxation. In this eye-opening book, Emmanuel Saez and Gabriel Zucman show that there is no iron law of economics that led us there, just many whose self-interest or misunderstanding of economics make them claim the opposite. Their radical proposal to reinvent taxation for a globalized world will become an unavoidable starting point to any intelligent conversation."
― Esther Duflo, winner of the Nobel Prize in Economics and author of Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty
"America is tired with inequality and oligarchy. Armed with eye-popping new data, Emmanuel Saez and Gabriel Zucman reveal how tax injustice is fueling the oligarchic drift. But above all, they propose bold solutions to help America reconnect with its tradition of tax justice, from the taxation of extreme wealth and giant corporations to the funding of health care for all. This is a brilliantly argued book that is an essential contribution to the global economic and political debate of the twenty-first century."
― Thomas Piketty, author of Capital in the Twenty-First Century
"The Triumph of Injustice is a groundbreaking work that uncovers a diabolical driver of America’s shocking and growing inequality: unfair and regressive tax policies and a tax avoidance industry that serves the wealthy at the expense of everyone else. Until we reverse this topsy-turvy regime―where ordinary workers may pay a larger share of their income than the very richest Americans―we can’t hope to address our biggest social problems. Anyone who hopes for a better future for everyday Americans needs to read this book."
― Joseph E. Stiglitz, winner of the Nobel Prize in Economics and author of People, Power, and Profits: Progressive Capitalism for an Age of Discontent
About the Author
Gabriel Zucman is professor of economics and public policy at the University of California, Berkeley. His research analyzes the accumulation and distribution of wealth through global and historical perspectives. He received his PhD in economics from the Paris School of Economics in 2013. He was awarded the Bernácer Prize in 2018 and a Sloan Research Fellowship in 2019. He is the author of The Hidden Wealth of Nations: The Scourge of Tax Havens, which has been translated into eighteen languages.
Product details
- Publisher : W. W. Norton & Company
- Publication date : October 15, 2019
- Language : English
- Print length : 232 pages
- ISBN-10 : 1324002727
- ISBN-13 : 978-1324002727
- Item Weight : 1 pounds
- Dimensions : 6.3 x 0.9 x 9.3 inches
- Best Sellers Rank: #187,167 in Books (See Top 100 in Books)
- #36 in Income Inequality
- #42 in Tax Accounting
- #89 in Economic Policy
- Customer Reviews:
About the authors

Gabriel Zucman, born in Paris in 1986, is professor of economics and public policy at the University of California, Berkeley. His research analyzes the accumulation and distribution of wealth through global and historical perspectives. In 2019, he was awarded the Bernácer Prize and a Sloan Research Fellowship. His first book, The Hidden Wealth of Nations: The Scourge of Tax Havens, has been translated into eighteen languages. With Emmanuel Saez, he is the co-author of The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay (WW Norton, October 2019).

Emmanuel Saez was born in Spain in 1972 and grew up in the basque country in France. He moved to the United States to study economics and received his PhD from MIT in 1999. He teaches at the University of California Berkeley since 2002. His research focuses on inequality and tax policy. Jointly with Thomas Piketty, he created the top 1% income share series that show a dramatic increase in US inequality since 1980. The data have been widely discussed in the public debate and have inspired political movements and slogans (Occupy Wall Street, We are the 99%). His most recent book "The Triumph of Injustice", joint with his colleague Gabriel Zucman, narrates the demise of US progressive taxation and how to reinvent it in the 21st century. He received numerous academic awards including a MacArthur "Genius" Fellowship in 2010 and a Honorary degree from Harvard in 2019.
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Learn more how customers reviews work on AmazonCustomers say
Customers appreciate the book's detailed and understandable explanations, with one noting its comprehensive history of taxation. Moreover, the writing quality is well-received, and customers find it a must-read with easy-to-understand charts. Additionally, the book provides valuable insights into tax policy in other developed countries, and one customer explains how a wealth tax could be administered and assets valued. However, the economic analysis receives mixed reactions, with some praising its examination of economic inequality while others find it misleading.
AI Generated from the text of customer reviews
Customers find the book informative and well-researched, with detailed and understandable explanations, and one customer notes it provides a great job of outlining the history of taxation.
"The book is a review of the US taxation history and it's effect on US society as well as comparisons to other countries...." Read more
"...this shortcoming, I highly recommend this book because of its superb analysis of how the tax code has contributed to income and wealth inequality...." Read more
"...Expanded my thinking . The authors do a great job of outlining the history of taxation in the u.s., tax policy in other developed countries, etc...." Read more
"An analysis of a vast stretch of data accumulated over decades...." Read more
Customers appreciate the book's coverage of tax policy, particularly its examination of tax systems in other developed countries, with one customer noting its clear analysis and another highlighting its explanation of tax havens.
"This book presents a very clear analysis of different tax systems...." Read more
"...Rather, they straightforwardly argue that tax policy within nations, and tax competition between nations, is and will continue to drive inequality..." Read more
"...The global perspective on taxes and the solutions are brought out...." Read more
"A concise analysis of who pays taxes, how this has changed over time, current flaws and possible fixes...." Read more
Customers praise the writing quality of the book, finding it well written and accessible, with one customer noting it's not a lengthy tome with boring content.
"...The book is very well-written, clear and easy to understand." Read more
"A well written and timely book. America was built by the likes of Rockefeller, Carnegie, JP Morgan, Ford, Addison and Vanderbilt...." Read more
"Well writing summary. Expanded my thinking . The authors do a great job of outlining the history of taxation in the u.s.,..." Read more
"...This book is written by two economists who helped craft Bernies tax plan...." Read more
Customers find the book readable, with one noting it should be required reading for high school seniors.
"Interesting book. Highly biased as can be surmised from the title but that does not impair the information...." Read more
"As a Bernie Sanders supporter, this is a must read. This book is written by two economists who helped craft Bernies tax plan...." Read more
"...Well worth the read." Read more
"This book should be required reading for high school seniors and anyone in college. All politicians as well...." Read more
Customers find the book easy to read, with one mentioning that the charts are well-understood.
"...and graphs to back up their points, in a manner that still makes for easy reading...." Read more
"...The book is very well-written, clear and easy to understand." Read more
"...It is a quick read and makes one think even more about the recent (starting in1980) shift towards more income concentration in the US giving reasons..." Read more
"In short, easily understood chapters, the authors show why there has been this incredible shift of wealth to the top 1% of our population...." Read more
Customers appreciate the book's approach to taxation, with one customer noting how money can influence legislators, while another highlights its potential to balance the federal budget.
"...Money can influence legislators, it can manipulate ideology, it can eliminate competition, it can create even more money and more power...." Read more
"...are much better solutions, which would reduce inequality, balance the federal budget, encourage economic growth, fund universal healthcare, and..." Read more
"...with very many graphs of just how corporations and wealthy people avoid taxation. An explanation of tax havens and their mechanics and politics...." Read more
"...A second issue shoved under the rug is the impact of inflation on taxes. Take 10-year treasuries for example...." Read more
Customers have mixed opinions about the book's economics, with some praising its excellent analysis of economic inequality, while others criticize its approach to low-income issues and socialist policies.
"This book provides an excellent analysis of the problem of economic inequality and how the tax code has contributed to increasing inequality over..." Read more
"...Bad analysis on low income as well as wealthy. And explained arrogantly too boot. Absolute nonsense and misleading." Read more
"...An explanation of tax havens and their mechanics and politics. A lucid description of just how to "Make Them Pay"." Read more
"Socialist policies which may not work today..." Read more
Customers have mixed opinions about the book's analysis, with some finding it insightful while others describe it as misleading.
"...simply not credible – and this appears to be done through simple, unanalyzed math...." Read more
"...I give this book five stars for its analysis of inequality and the role of the tax code in creating the current problem of extreme inequality...." Read more
"Totally misleading analysis - simplification of a complex issue to get progressive headlines. Bad analysis on low income as well as wealthy...." Read more
Reviews with images
Misleading and Marxist
Top reviews from the United States
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- Reviewed in the United States on April 14, 2025Format: KindleVerified PurchaseThis book presents a very clear analysis of different tax systems. The authors include real numbers and graphs to back up their points, in a manner that still makes for easy reading. The book explains how a properly designed, highly progressive tax system including both income and wealth taxes is key to creating a more equitable and satisfying society. This point is even more relevant today than when the book was published in 2019.
- Reviewed in the United States on January 4, 2020Format: HardcoverVerified PurchaseSince the 1970s, think tanks and economists have been paid to pump out lies about how lower taxes for the rich are good for society in general. None of this turns out to be true and America is, apart from a few posh wealth centers, a depressing third-world-ish country with a declining life expectancy. In fact, the US is the ONLY society in the western world with a declining life expectancy.
America went from having one of the most progressive tax regimes in the world, in the 1940s, 1950s, and 1960s, to being one in which capital is taxed at a lower rate than labor, which is truly insane. Now just three people have more wealth than 50% of the population. Two of them, Gates and Buffet, have even said that this is insane. The third is building rocket ships to leave the planet.
The basic story told here is simple: rich people stopped paying their taxes and the poor and middle-class picked up the tab. The authors provide a detailed explanation for how to fix this, and it isn't rocket science. It's mostly just a matter of restoring the FDR-Truman-Eisenhower-Kennedy-Johnson-Nixon tax code, tweaked for the global era. The wealth thus redistributed would easily pay to repair our communities, provide education and health care for all, and guarantee security for seniors. In short, America just needs to do what it once did so well.
The book is very well-written, clear and easy to understand.
- Reviewed in the United States on January 6, 2020Format: KindleVerified PurchaseA lucid and concise set of arguments, based on analyses of historical economic data, that setting taxes on earnings from capital markedly lower than those for wages, while allowing for low rates of taxation in foreign regimes, has had a large and important impact on the growth in wealth inequality without any meaningful positive impact on the total growth of the economy (with some evidence it has been harmed). Their proposed solution is internally consistent though difficult to implement: equalize tax rates on earnings from wages and capital, coordination among the largest economies to thwart the use of international tax havens (primarily by agreeing to a unified minimum corporate tax-as-last-resort policy), and setting high marginal tax rates on the wealthy (including a tax on extreme wealth) to retain incentives for risk while minimizing the winner-takes-all scenarios that both exist and may be exacerbated by tax policy.
I do think the title is unnecessarily polemical though I also think the people writing reviews here calling it "Communist!" either don't understand what that word means or didn't actually read the book. The authors don't argue for eradicating ownership or making "only" the rich pay for things nor do they even hit upon topics like a universal basic income. Rather, they straightforwardly argue that tax policy within nations, and tax competition between nations, is and will continue to drive inequality without making the pie larger, and that at some point higher taxes on truly outsized "winnings" and relatively lower taxes on those with much less capital and lower wages... may lead to greater total output and a lot more "fairness," including the reduction of outsized influence of the "rich" in our democracy.
While the authors are limited by the datasets available, I do think they should either highlight or try in a future edition to address, the issues with "averaging" retirees together with non-working spouses or (I couldn't tell form my first read) even children. I doubt it will influence the argument but it would make some of the numbers seem more reasonable.
- Reviewed in the United States on October 27, 2019Format: HardcoverVerified PurchaseThis is an excellent book, god bless the French! When you've read it watch the discussion linked to on Greg Mankiw's Blogspot, featuring Mankiw, Larry Summers and Saez, debating Saez and Zucman. Poor Saez is handicapped by a thick accent and having to speak in a foreign language (would love to see them debate in French), Mankiw makes a joke about how dumb (in math) his Harvard students are without realizing his students are smarter than he is since their intuitive answer to his tax question (they both lead to the same outcomes), will in one case lead to no headache for tax filers and the other case to filling out a schedule taking 15 minutes (times 360 million filers = how much dead weight loss?). YOU GO GREG!!! This is in making a pitch for Andrew Yang and his Freedom Dividend. Summers meanwhile bludgeons Saez for not understanding there will always be rich people, and they'll always have more political power than the average Joe, SO JUST GET OVER IT!! Mankiw also makes a case for sumptuary taxes (Mr Spendthrift vs Mr Frugal), while Summers makes a case for taxes being even more confiscatory than Saez proposes, while sending our military to places like the Channel Islands, Luxembourg, the BVI, Bermuda and Ireland, instead of poor countries like Afghanistan and Syria. You could not have invented a better Roz Chast cartoon.
Top reviews from other countries
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Client d'AmazonReviewed in France on January 13, 20205.0 out of 5 stars Il existe vraiment des solutions pour réduire les inégalités.
Format: HardcoverVerified PurchaseCes jeunes économistes français travaillant aux USA proposent une analyse sérieuse et très bien documentée du système de taxation des richesses aux USA.
Leurs analyses conclusions sont aussi valables pour les pays riches de L'UE.
Il ne manque que le COURAGE des politiques!! ... et des banques centrales qui arrêtent la planche à billets
M ClarkReviewed in Germany on December 18, 20195.0 out of 5 stars A remarkably interesting book about tax policies
Format: KindleVerified PurchaseSaez and Zucman have written a book about tax policy and managed to make it both understandable and even entertaining. Their main concern is to show how our current US tax policies have made the rich richer. To do this, they provide a history of how the US tax system evolved to what it is today. They also provide some very concrete and influential proposals about how to make the tax system more fair. The footnotes are excellent and they provide a web site with their data and a tax calculator to allow readers to experiment with the parameters of their proposal.
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Amazon CustomerReviewed in Brazil on April 9, 20215.0 out of 5 stars Revolucionário!
Format: PaperbackVerified PurchaseLivro segue o caminho iniciado por Piketi no estudo da origem da desigualdade e caminhos para superação desde que se mostra o grande desafio do capitalismo no inicio do século XXI
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Char_LiberteReviewed in Japan on October 20, 20195.0 out of 5 stars より良い税制を作ることを選ぼうではないか!
Format: KindleVerified Purchase税は金持ちが負担すべきか?経済学者の仕事は主に現状を明らかにすること。著者は金持ちの税の抜け穴を塞ぐ良い課税案があると力強く説得してくる。taxjusticenow.orgでシミュレーションもできて楽しい。
GDPではなく国民所得を見てみよう。GDPは国内の総生産で、これに資本の償却を引き海外からの純所得を足したものが国民所得だ。アメリカの一人当たりGDPは9万ドルだけど国民所得は75000ドルになる。さて所得下位50%の所得平均を見ると18500ドルしかない。その上40%までの中流の平均は75000ドルとなる。所得上位1%が占めるシェアは上がり続けている。さて税を見てみよう。所得税は税収の1/3を占める。配当や退職金や留保利益は免税となり、課税可能収入は所得とは一致しないのだ。1980年には71%の所得が課税できていたが、課税ベースは萎みに萎んだ。給与税は132900ドル以上の収入だと免税となり逆進的になっている。消費税は燃料やアルコールなど物品税として課されておりこれも逆進的。法律上ではなく経済的に誰が税を負担してるかというと結局のところ国民である。所得のほとんどの層には28%程度の一律税となっているが、上位400人くらいは20%しか負担していない。これは所得が課税を免れ法人税も課せず控除を受けているため。税収の上げやすさや公平の観点や不平等を防ぐ観点から直したほうがいいだろう。
17世紀のアメリカは資産に課税することで税収を集めた。新大陸の税制は旧世界より累進的だったのだ。南北戦争で所得税は導入されたけどしばらく違憲とされたけど1913年に実施された。固定資産税が累進的なのと格差是正の側面を持つという点で米国は世界の先を行っていた。1951年から63年まで所得トップ層の限界税率は91%で、租税回避は起きたものの国民所得の推移を見ると課税前収入の不平等は実際に減ったことがわかる。
レーガン政権でこの状況は一変した。限界税率は28%まで落ちたのだ。イデオロギーの影響もあるけど、租税回避が横行し金持ちへ課税できないと嘆いていたのも大きい。でも、1930~1986年の間に租税回避を防ぐことはできていたのだ。キャピタルゲイン課税は25%で所得税は90%だったから所得じゃなくてキャピタルゲインでもらう誘因は大きかったけど自社株買い戻しは違法とされてた。税控除を受けるためだけに損害を計上する租税シェルターはレーガンの就任までは流行っていた。レーガンは減税と同時にこれを撲滅すると公約し、それを果たした。貧者は脱税し富者は節税するという俗説はあるけど、IRSの監査のデータやパナマ文書を見るとまるで逆なのがわかる。普通の人は税を回避するのは難しいけど金持ちは様々な手法で回避できる。でも絶望する必要はない。海外銀行は顧客のアメリカ人がどのように収入を得ているかIRSに情報を伝えるという条約が国際的に交わされた。脱税をどこまで許すかは政府、ひいては人々が決定することなのだ。
法人税はずっと下がり続けている。グーグルやアップルはバーミューダやアイルランドに会社を設立し、利益を移すことで課税を逃れている。社内の取引で商標やらロゴやらを移転させているのだ。多国籍企業の40%、アメリカのそれは60%もが租税回避地に利益を移しているという推計がある。そういう国々は主権を売り渡して世界中から税収を奪うことで利益を得ているのだ。実際の経済活動は租税回避地には移らない。国際的に協調してこういう逸脱を潰す必要があるけど現状はうまくいっていない。
アメリカは税負担が低いとされているが保険料を考えるとそんなことはない。いっぽうで法人税は下がり続けている。生産には資本と労働が必要で、このうち弾力性が低い方が法人税を負担していることとなる。一般に資本は弾力性が低いと言われてきていてそれなら課税しない方が良いという極めて有名な議論がある。でも実際には法人税が高い時期にも投資は行われているし、資本は税よりも規制に反応するのだ。法人税率を低くすると法人化で給与を誤魔化すことが横行してしまうから直さねばならない。
でもこれは以下の手段を取れば解決できる。まずは、各国がそれぞれの多国籍企業を監督すること。フィアットがジャージーに利益を移して0%を収めたとしても、イタリアは伊企業として支払うべき法人税率例えば25%を徴収してしまえば良い。各国が最後の課税者として振る舞うのだ。そして各国で協調して最低課税率を決めること。そして従わない国に制裁を科すこと。こうすれば二重課税を防ぐ条約には違反しないし今すぐ始められる。
税収を最大化するために累進税を課すなら弾力性の低いものに課税すべきで、収入が集中してるようなら富裕層に多く課税すべき。租税回避は防げるし、課税所得は弾力性が低いのだ。限界税率を75%(平均では60%)くらいにすると良い。このために公民保護局を立ち上げ、租税回避を見張り海外の税実践を監視させよう。キャピタルゲインを含めどんな収入も同じ税で扱うようにし、法人税と所得税を統合し、資産税を課せばこれを達成できる。資産は隠しにくい。会社の株が取引されていないようなら市場を作り出し、資産税として代わりに納めるようにできるようにすれば良い。オークションにかけて正しい価値が割り出せる。
1946-1980はほとんどの所得層が2%の収入の伸びを得ていた。でも1980年以降ではトップ層しか伸びていない。フランスと比べるとアメリカの労働階級の伸び悩みは顕著だ。不平等は権力の不公平を生むし、富裕税の正統性が増してきている。
保険料は給与税から支払われていて非常に逆進的になっている。そこで著者は一律の所得税を提案する;労働収入も企業の利潤も利子も同じ率で課税するというものだ。教育や金融は免除されるVATと異なり税源は極めて広くほぼ100%だし、生活保護受給者には負担がない。より良い税制を作ることはできると力強く呼びかけている。
・taxjusticenow.orgで税率と税収の計算ができて楽しい。
・累進課税の淵源をアメリカに求めてるけど、代表なくして課税なしの精神もまたアメリカだと思う。
・所得の計算かなりツッコミが入ってるので解決策はともかく数値は注意を持って見守りたい。主に法人税は誰が負担してるのかという点について議論になっているのだ。
Mario A. Campa MolinaReviewed in Mexico on May 14, 20225.0 out of 5 stars Two thumbs up.
Format: PaperbackVerified PurchaseGreat analysis from superb economists.






