Stories
Slash Boxes
Comments

SoylentNews is people

SoylentNews is powered by your submissions, so send in your scoop. Only 19 submissions in the queue.
posted by janrinok on Thursday January 20, @09:29AM   Printer-friendly
from the yes,-you-read-that-right! dept.

Millionaires ask to pay more tax:

A group of more than 100 of the world's richest people have called on governments to make them pay more tax. The group, named the Patriotic Millionaires, said the ultra-wealthy were not being forced to pay their share towards the global economic recovery from the coronavirus pandemic.

"As millionaires, we know that the current tax system is not fair," they said in an open letter. The signatories included Disney heiress Abigail Disney and Nick Hanauer. Mr Hanauer is a US entrepreneur and an early investor in online retail giant Amazon.

"Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic - yet few if any of us can honestly say that we pay our fair share in taxes," the signatories said in the letter to the World Economic Forum.

[...] It said globally, $2.52tn could lift 2.3 billion people out of poverty and make enough vaccines for the world.

Gemma McGough, British entrepreneur and founding member of Patriotic Millionaires, UK said: "For all our well-being - rich and poor alike - it's time we right the wrongs of an unequal world. It's time we tax the rich."

Ms McGough added: "At a time when simply living will cost the average household a further £1,200 a year, our government cannot expect to be trusted if it would rather tax working people than wealthy people.


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 2, Flamebait) by ChrisMaple on Friday January 21, @12:34AM (2 children)

    by ChrisMaple (6964) on Friday January 21, @12:34AM (#1214400)

    Income tax is a tax on the reward for productive effort, which is a fundamental human virtue. Hence, an income tax is inherently an attack on moral behavior.

    A property tax is better because just holding property is an inaction divorced from morality.

    A major moral problem with changing from an income tax to a property tax is that new wealth will end up being double taxed, first as the innovator earns it and second after those earnings are turned into property.

    The overriding problem is that federal taxes are 5 to 10 times what they should be, and state taxes about 2 times what they should be. If taxes were reduced to reasonable values (preventing slime like Fauci from becoming a multimillionaire in government employ) few people would be seriously upset by the form of taxation.

    Starting Score:    1  point
    Moderation   0  
       Flamebait=1, Interesting=1, Total=2
    Extra 'Flamebait' Modifier   0  
    Karma-Bonus Modifier   +1  

    Total Score:   2  
  • (Score: 0) by Anonymous Coward on Friday January 21, @01:43AM (1 child)

    by Anonymous Coward on Friday January 21, @01:43AM (#1214422)

    A major moral problem with changing from an income tax to a property tax is that new wealth will end up being double taxed, first as the innovator earns it and second after those earnings are turned into property.

    The proposal is to drop income tax entirely. There is no tax as you earn it.

    • (Score: 0) by Anonymous Coward on Friday January 21, @03:35PM

      by Anonymous Coward on Friday January 21, @03:35PM (#1214507)

      Problem is, it's not just income tax. It's every other tax that touches the productive process, from stamp duties to eximport rates. It's sales taxes to B&O taxes.

      If you want to have a blanket tax, payroll or sales are likelier places to start because they will get pretty much anything major done with any substantial assets.