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Wealth inequality stands at its highest since the turn of the 20th century - the so-called 'Gilded Age' - as the proportion of capital held by the world's 1,542 dollar billionaires swells yet higher. The report, undertaken by Swiss banking giant UBS and UK accounting company PwC, discusses the roles technology and globalization play in the status quo, and appears two weeks after the IMF recommended that the rich should pay more tax to address the enormous disparity.
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Ignorance is never out of style. It was in fashion yesterday, it is the
rage today, and it will set the pace tomorrow.
-- Franklin K. Dane
(Score: 3, Interesting) by crafoo on Sunday October 29 2017, @03:07PM (1 child)
So your argument is there are too many people for the spit to work out? OK. That's an interesting direction to go looking.
All wealth is not created equal though, you are right. Wealth gained without the application of personal time and energy should be less protected and taxed more heavily. Interest (money lending), investments, rental of property: all should be heavily taxed. One person amassing huge investment portfolios and massive rental properties isn't necessarily beneficial to anyone. Drive down the incentive (and price) of business properties. Incentivize people to do useful things with their money. Make a hard days work nearly tax-free.
(Score: 1) by khallow on Sunday October 29 2017, @03:55PM
I don't agree. The relatively high ROI on investments indicates to me that we need more of that rather than some institutional discouragement. Further, what happens when you no longer work whether due to desire or illness? Investment is a way to cover that without requiring someone to become a dependent of the state.