Posted on Jan 19, 2016
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The article contains a link to the study. (I could have used that one, but links to PDFs look stupid 99% of the time.)
Do you think that it is unfair for 1% of the world's population to be paying WELL over 1% of the world's taxes? If so shouldn't we be implementing a "Flat Tax" so that the top 1% don't pay any more in taxes than the bottom 1%?
Seriously though, does the fact that 62 people are wealthier than 3,060,000,000 people (combined) make it likely that there is going to be social unrest and, if so, what can be done about it?
Do you think that it is unfair for 1% of the world's population to be paying WELL over 1% of the world's taxes? If so shouldn't we be implementing a "Flat Tax" so that the top 1% don't pay any more in taxes than the bottom 1%?
Seriously though, does the fact that 62 people are wealthier than 3,060,000,000 people (combined) make it likely that there is going to be social unrest and, if so, what can be done about it?
Richest 1% Now Wealthier Than the Rest of the World, Oxfam Says
Posted from bloomberg.com
Politics
Wealth
Economy
Posted 9 y ago
Responses: 4
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I firmly believe in doing away with income tax. If we went to a national flat sales tax everyone would pay. Illegals, drug dealers, pimps, ho's, hard working folks, blue collar, white collar and CEO's. Everyone buys something...groceries, liquor, toilet paper, water, cars, cigarettes, houses, snacks, cokes, guns, many more to name. As our tax code stands now there are so many people finding loopholes and getting refunds for people that don't exist or buying offshore houses or tax shelters, etc and the government isn't getting what it should. Under the flat tax, all would pay. It also puts more disposable income in peoples pockets which means if you have more to spend, you will spend it. I know it isn't that easy but the premise is there.
I also believe that if you are wealthy you got there for some reason, whether you were lucky in business, worked hard and invested right, inherited wealth, whatever, it is yours and that is what this company is all about. Trying to redistribute wealth from hardworking people to people that are lazy (not the ones that are trying to work and can't or disabled) is flat and straight socialism and I never thought I would live to hear that discussion in America but here we are. I don't think wealthy people should be punished for there wealth at all.
I also believe that if you are wealthy you got there for some reason, whether you were lucky in business, worked hard and invested right, inherited wealth, whatever, it is yours and that is what this company is all about. Trying to redistribute wealth from hardworking people to people that are lazy (not the ones that are trying to work and can't or disabled) is flat and straight socialism and I never thought I would live to hear that discussion in America but here we are. I don't think wealthy people should be punished for there wealth at all.
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COL Ted Mc
Lt Col Scott Shuttleworth & CW5 Charlie Poulton - Gentlemen; A "National Flat Sales Tax" does have something to recommend it - it's simple.
However, would it only apply to "material goods" or would it also apply to the other things that people buy - like "services"? Would it apply to a company that buys another company for $10,000,000,000? What rate would it be at?
Since the US GNP is (currently) around $16,000,000,000 and the US budget is (currently) around $3,800,000,000 that means that the "National Flat Sales Tax" would have to be around 23.75% to meet the national budget requirements (AND that is assuming that every single transaction of whatever nature is taxed). Since at least half of the financial transactions are NOT "retail sales" then you could expect that the "National Flat Sales Tax" would more likely be in the 47.5% range at the retail level. (I shudder to think what it would end up as if it were applied at each and every level from the purchase of raw materials, through "factory sales", through "wholesale sales", and on through "retail sales".)
HOWEVER, if you want to eliminate ALL income taxes, then you have to consider the amounts that the States and other "inferior" governments spend as well, and that would bring the $3,800,000,000 up to around $6,160,000,000,000 and THAT would increase the (estimated) 47.5% to about 77%. (That means that your $2.00/gal gas is going to cost you $3.54 AND you are also going to be paying your "National Flat Sales Tax" on any home you might purchase - payable at the time of purchase - so that in addition to the $10,000 down payment on your $100,000 house, you would have to come up with another $10,000 to pay the "National Flat Sales Tax" on your purchase [of course you could always "finance" the tax along with the purchase price - but that would mean that {on a 30 year mortgage} you would likely pay around $30,000 in actual cash to pay for the $10,000 tax].)
Some "simple" plans always look good until you try and implement them - at which point the rapidly become complicated.
PS - I can always purchase my "durable goods" (like the Maserati that I use to drive the half block to the 7-11) off-shore through an off-shore company (which I own) which will then rent them to me for a nominal sum and (unless "rent" is considered to be a "purchase") then I won't pay any tax on them at all.
However, would it only apply to "material goods" or would it also apply to the other things that people buy - like "services"? Would it apply to a company that buys another company for $10,000,000,000? What rate would it be at?
Since the US GNP is (currently) around $16,000,000,000 and the US budget is (currently) around $3,800,000,000 that means that the "National Flat Sales Tax" would have to be around 23.75% to meet the national budget requirements (AND that is assuming that every single transaction of whatever nature is taxed). Since at least half of the financial transactions are NOT "retail sales" then you could expect that the "National Flat Sales Tax" would more likely be in the 47.5% range at the retail level. (I shudder to think what it would end up as if it were applied at each and every level from the purchase of raw materials, through "factory sales", through "wholesale sales", and on through "retail sales".)
HOWEVER, if you want to eliminate ALL income taxes, then you have to consider the amounts that the States and other "inferior" governments spend as well, and that would bring the $3,800,000,000 up to around $6,160,000,000,000 and THAT would increase the (estimated) 47.5% to about 77%. (That means that your $2.00/gal gas is going to cost you $3.54 AND you are also going to be paying your "National Flat Sales Tax" on any home you might purchase - payable at the time of purchase - so that in addition to the $10,000 down payment on your $100,000 house, you would have to come up with another $10,000 to pay the "National Flat Sales Tax" on your purchase [of course you could always "finance" the tax along with the purchase price - but that would mean that {on a 30 year mortgage} you would likely pay around $30,000 in actual cash to pay for the $10,000 tax].)
Some "simple" plans always look good until you try and implement them - at which point the rapidly become complicated.
PS - I can always purchase my "durable goods" (like the Maserati that I use to drive the half block to the 7-11) off-shore through an off-shore company (which I own) which will then rent them to me for a nominal sum and (unless "rent" is considered to be a "purchase") then I won't pay any tax on them at all.
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This is what happens when you inflate the money supply; the people that already have investments get richer as the price, as opposed to the value, of their holdings goes up. But worry not, this inflation train's reaching the end of the line; we'll all be poorer soon enough....
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I don't think it is unfair, but I do think we need to take a serious look what we as human beings value in the world. When 1% has 99% of the world's wealth, what does that mean about that 1% ? Why does the world work like this, and how are we going to progress this way? We have some serious, serious problems in America, and we have to start solving paying attention to them or it ain't going to last.
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