Make the poor richer by taxing the rich. In other words, Tax the rich to make them poorer in order to make the poor richer. They called it Robin Hood tax in Europe, to steal from the rich in order to give it to the poor. It is a concept based on ethics and moral responsibility to share the profits and gains in a more equitable way. It reminds me of our tribal family system wherein the high income earning sibling is made to bear the spending burden of the family under moral obligation. It is often noticed that the income earning sibling who is made to bear the burden of the family cannot make the expected progress in life, as the energy, time and resources is diverted to those who had no earning capacity. This is a fact and the economist of Reagan administration seemed to be using this analogy to explain how taxing the rich dis-incentivised performance and slow down growth. I have heard Indian small-medium entrepreneurs facing the same problem. Industrial tycoons had been protected under state policy to enable them to grow, bring wealth, contribute to GDP, and generate employment that in turn spurs GDP growth.Since the past few years, capitalist nations have reached a stage of capital maturity where the concentration of wealth in the hand of top few begin to cause social instability. If the rich do not share the profit and compromise the growth level, it is facing the danger of social and political upheaval. Such an unstable condition would ultimately not allow growth. Resource is needed for maintenance and operation. I heard that maintenance of civics and health insurance in USA has declined the last few years. Citizens expected a larger share from the rich to run the maintenance and operation. The top rich is unwilling to share their earnings, which the rest perceived it as stolen from them. Resource cannot be collected only from one category of people. All citizens must share the expenses within their capability to pay. This will raise the question on genuine citizenship and illegal immigrants, ineligible to tax and ineligible to receive the welfare benefits. In many cases, problems remained unresolved due to vote bank politics. If honesty is truly applied, there is nothing that cannot be resolved. The truth is that honesty is an expensive gift hard to find. This video is an interesting information.
Posted on: Sat, 03 Jan 2015 16:04:11 +0000
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