I can't defend the economic arguments of higher taxation as I don't have any qualifications on economics and only basic knowledge on the economy. However mass wealth inequality to me is a very blatant problem which is getting worse and I see problems created by this everyday by prejudice towards each other rich or poor.
It worries me that so many seems to be under the impression that the Free Market is this perfect, fair system and that it's only pesky jealous idiots that have made things worse. If it was perfect why was there so much economic and political turmoil when things were less regulated? Why is there a welfare state in the first place? Why is productivity going up and living standards for many getting worse? Why does it look increasingly like a big banking crash is going to happen? I don't know the answers to inequality but I think things need to change.
Society is getting less equal and this will have consequences, many poor less skilled people are struggling to get jobs and many in society can be demonizing and callous towards their needs. Yes there are jobs yet but many are niche and skill based.
At the same time many are pedantic towards other problems, I don't hate rich people but I don't think if they still get considered rich they can proclaim they are being punished by society.
Life isn't all about money and you can see what happens when people are judged based on their wealth Donald Trump is a abhorrent human being yet is praised by many. At the same time I see homeless people treated like vermin regularly by strangers like they aren't suffering enough instead of being treated like the victims they are.
I don't blame rich people for everything but I think there is something rotten in society when it comes to wealth. I actually have friends from all different backgrounds and I even admire generous people like Bill Gates because he has spent much of his wealth on creating a better society and look at the good it has done.
In a ideal world I think we should have worldwide progressive taxes to solve the growing problems we have today but sadly I don't think it's viable.
Sorry for the essay but I feel passionate about this topic and I wanted to have my say, here are some videos that help sum up my opinion.
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Last edited by Scottish Person; 14-10-2016 at 16:37.
- 14-10-2016 15:05
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- 14-10-2016 16:21
I don't know how to quantify this, but if you increase taxes on businesses with a large income, I'd imagine they could relocate and reduce the tax base altogether. I don't know how much these offset each other though.
First thing to do is to crack down on tax evasion.
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- 21-10-2016 15:42
The Laffer Curve is a thing, and Tories like Rees-Mogg argue that tax increases reduced receipts, but let's consider whether:
A) We are at the apex of the curve at current rates of e.g. income tax (we do have relatively high taxes in the UK)
B) Other forms of tax e.g. more 'progressive' property/consumption, or windfall wealth, taxes would mean inefficiencies
C) Economic optimality is really the be all and end all in economics, never mind politics/sociology (what of equity/sustainability?)Last edited by Foo.mp3; 21-10-2016 at 15:44.