for the good reason that it discourages investment. 而理由也很充分：会影响投资。

But capital's share of rich-world GDP has risen by four percentage points since 1975, 但自1975年以来，在富裕国家，资本所占GDP的份额已增长了4个百分点，

transferring nearly $2trn of annual global income out of paycheques and into investors'pockets. 约2万亿美元的全球年收入，由工资辗转腾挪进了投资者的腰包。

Given that competition is declining in many markets, 鉴于很多市场的竞争正减弱，

this suggests that businesses are increasingly able to extract rents from the economy. 可以得出企业从经济中榨取租金的能力正在增强。

Taxes on capital can target those rents without disturbing incentives so long as they include carve-outs for investment. 资本税可以这些租金为目标，只要包括为投资而生的股权分拆，缴税激励就不会减弱。

To stop companies shifting profits, governments should switch their focus from firms to investors. 为防止公司转移利润，政府应该把注意力从公司转移到投资者。

Profits ultimately flow to shareholders as dividends and buy-backs. 利润最终会以股息或回购的形式流向股东。

But few people are likely to emigrate to avoid taxes on their investment income— 但很少有人为在其投资收入上避税而移民——

Apple can move its intellectual property to Ireland, but it cannot put its shareholders there. 苹果公司可以将知识产权移到爱尔兰，但却不能将股东也移到那儿。

Corporate tax should be a backstop, to ensure that investors who do not pay taxes themselves, such as foreigners and universities, still make some contribution. 企业税应成为后盾，来保障外国人、高校这些自身不用交税的投资者也能为税收做些贡献。

Full investment expensing should be standard; 投资总额应作为标准；

deductions for debt interest, which incentivise risky leverage for no good reason, should be scrapped. 对债务利息的减免应取消，这种减免无缘无故刺激高风险杠杆，应被废弃。

As the labour market continues to polarise between high earners and everyone else, 随着劳动市场继续在高收入者和其他人之间分化，

income taxes should be low or negative for the lowest earners. 最低收入者的所得税应该更低或成为负赋税。

That means getting rid of regressive payroll taxes which, in North America, could be replaced with underused taxes on consumption. 这意味着要废除递减的工资税，而在北美，这一税种可能会被未充分利用的消费税所取代。

Though these are also regressive, they are much more efficient. 这种消费税尽管也是递减的，但却更高效。

Adam Smith said that taxes should be efficient, certain, convenient and fair. 亚当·斯密认为税收应高效、确实、便利和公平。

Against that standard, today’s tax policies are unforgivably cack-handed. 今天的税收政策与这一标准恰恰相反，可谓愚蠢不可原谅。

Politicians rarely consider the purpose and scope of taxation. 政客们很少考虑税收的目的和范围。

When they do change tax codes, they clumsily bolt on new levies and snap off old ones, all in a rush for good headlines. 当政客改变税法时，会笨拙地开征新税，弃用旧税，这都是为了急于彰显自己的功绩。

Rewriting the codes means winning over sceptical voters and defying rapacious special interests. 而重新制定这些规则意味着要赢得持怀疑态度选民的选票，且无视贪婪的特殊利益集团。

It is hard work.  这并非易事。

But the prize is well worth the fight. 但为了最后成果值得一搏。