jpinMilwaukee wrote:OCCOM BILL wrote:
If unearned money, through inheritance, or favor is the problem; address the problem, not the natural means of accumulating the wealth in the first place.
Possible solutions:
1. Limit inherence to (just for a possible example)100 times the average workers annual income. This would spread the inheritance of crazy large fortunes out sufficiently that the capitalists, be they the inheritors or not, would put that money back to work to improve the productivity of us all, as a whole.
2. Accomplish the same with a wicked high "death tax" that gradually takes an enormous percentage of enormous wealth... whenever it is not sufficiently distributed prior to death... which would of course lower the burden on the lower and middle classes.
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I'm surprised to hear this from you, O'bill.
Not only have the makers of large fortunes more than likely paid the same 5 tax dollars for every one in profit that you complained about a few paragraphs above, but, as long as it was made in a lawful manner, it is their money to do with as they wish. Why should their children pay a price for having hard working and succesful parents?
Even assuming that 100% of inherited money does no good towards social advancements, the government has certainly not proven that they are any more able or effective at spending money than those that inherit money.
The whole idea reeks of fairness by the lowest common denominator.
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JP, I have long been of the opinion that the current tax system needs to be scrapped. I don't suggest a high death tax on large fortunes to increase revenues; rather to take some of the burden off other sources. That's the sales pitch. The reality; were the law constructed to my liking, would simply increase the amount of spending and redistribution of wealth... though not necessarily to the lower and middle classes (directly). A wealthy man could gift his fortune in chunks not greater than, say 10% for instance, penalty free, and thereby avoid that money being soaked up by very high death taxes. The idea is to keep the money moving... which is, IMO, paramount to keeping our economy on the rise. The children of the rich wouldn't lose; rather they'd likely start receiving their inheritance much sooner. As they invested, or wasted (it makes little difference) that money would provide jobs and increase the tax base, thereby reducing the burden on us all. Those who hoard would pay the most. Those who spread the wealth would pay the least. Think of it like an advanced anti-trust law. It is a way to play Robin Hood without actually stealing anything from the man who produces, during his lifetime.
If I now understand Set correctly, I think I agree with him. While it's unrealistic to expect countries to play by our rules; I think it would be a fairly simple matter to leverage taxes on a sliding scale against goods coming from countries that don't meet a reasonable minimum standard of ethics (child labor laws, living wages, subsidies, etc.)(yes, fix ours too). There is room for improvements without stifling the profitability of a global economy (which I believe is the only shot the human race has at uniting us all). To not use the economic might of the United States' buying power for the good of mankind, is in my opinion, a short sighted, tragic squandering of opportunity. I believe that terrorism, bigotry, etc. all take a back seat to the almighty dollar to a man with a decent shot at earning a decent lot in life. Some fettering is almost mandatory to accelerate the transition... and at the rate technology has advanced compared to humanity; I think we need to act fast, or suffer horrible consequences.
To turn the blind eye to conglomerates that seek labor outside of the United States is no different than doing away with the restrictions we've set up to limit unscrupulous behavior here. Fetter it? You betcha!
Imagine a global economy where a Billion Chinese and a Billion Indians can realize Henry Ford's vision and purchase an automobile.
Among the reasons the United States is at the top of the food chain is our brand of Capitalism itself. Immigrants with work ethics (most), thrive in our society. Is there a fundamental difference between importing people and exporting the system that they come here for?
I for one do not believe there is a finite amount of wealth to be had. Babies of every nationality bring a smile to my face... and I'd like them all to share the opportunities I have. I fear no amount of competition whatsoever. I believe that their will always be poor, middle and upper classes in terms of wealth and seek only to see the
opportunities for individual change improve.
It is a common belief that "small business" is what drives our economy upwards. It is the small businessperson who creates jobs and keeps the money moving to serve us all. With this in mind; I think our policies should be designed to promote individual opportunity... not just for citizens of the United States, but the world in general.
Internally, scrap the production discouraging income tax structure and move to a sales tax that cares not at all where the money comes from. Next; punish the hoarders of stagnant money to encourage it's flow (force the trickle down theory from a greed perspective with appropriate legislation), while redistributing the wealth of those who refuse to spend.
Externally; create an import tax structure that encourages the leadership of other countries to follow in suit if for no other reason than to realize the greatest piece of
our pie.
Our financial might is every bit as powerful as our military might... and is currently being squandered on shortsighted foolishness. We stand to gain as much by globalization as those outside of the United States, if we use our might to our mutual benefit. I can ill-imagine anything more shortsighted than intentional isolationism. Our current tendency to stand on our potential competitors necks in some cases, while rewarding opportunity squashing foreign labor laws in others, as well as discouraging individual production in our own nation with idiotic tax laws is a reflection of Joe Public's apathy. Business is always at it's height of production when value is exchanged for value to the mutual benefit of every party involved. The United States has the wealth, and the opportunity that accompanies it, to encourage such practice on a global scale. IMO, not using that opportunity is as shortsighted as it is counterproductive almost across the board. Let's start fettering immediately!