This is an economics problem. It is complex and the answer is as well. The simple answer is YES, but that then draws the sheep to come spouting what they heard on corporate owned news and talk shows. Actual economics is much more complex than Friedman would have you believe. The reason people without an understanding of economics can jump on Friedman is because his solutions are simplistic. The reason they don't work is because they are also utopian.
The market has never and will never police itself. Corporations have never and will never police themselves.
The long answer is that when you raise taxes (Capital gains 35% and the highest bracket to at least 50% over ten years) on the top earners they stop hoarding money and spend their money on home improvement, leasing a new work car, investing in capital ventures, hiring new personal staff, anything to avoid paying the higher taxes. Corporations have even more ways to spend the money on tax deductions. They can hire new employees, raise the salaries of current employees, build new facilities, buy new shipping trucks, etc. Will they ACTUALLY pay more taxes? Possibly, but unlikely. They will offset the taxes by improving their businesses and will therefore improve the economy.
This is the best way to grow the economy. As busi...
The market has never and will never police itself. Corporations have never and will never police themselves.
The long answer is that when you raise taxes (Capital gains 35% and the highest bracket to at least 50% over ten years) on the top earners they stop hoarding money and spend their money on home improvement, leasing a new work car, investing in capital ventures, hiring new personal staff, anything to avoid paying the higher taxes. Corporations have even more ways to spend the money on tax deductions. They can hire new employees, raise the salaries of current employees, build new facilities, buy new shipping trucks, etc. Will they ACTUALLY pay more taxes? Possibly, but unlikely. They will offset the taxes by improving their businesses and will therefore improve the economy.
This is the best way to grow the economy. As busi...
This is an economics problem. It is complex and the answer is as well. The simple answer is YES, but that then draws the sheep to come spouting what they heard on corporate owned news and talk shows. Actual economics is much more complex than Friedman would have you believe. The reason people without an understanding of economics can jump on Friedman is because his solutions are simplistic. The reason they don't work is because they are also utopian.
The market has never and will never police itself. Corporations have never and will never police themselves.
The long answer is that when you raise taxes (Capital gains 35% and the highest bracket to at least 50% over ten years) on the top earners they stop hoarding money and spend their money on home improvement, leasing a new work car, investing in capital ventures, hiring new personal staff, anything to avoid paying the higher taxes. Corporations have even more ways to spend the money on tax deductions. They can hire new employees, raise the salaries of current employees, build new facilities, buy new shipping trucks, etc. Will they ACTUALLY pay more taxes? Possibly, but unlikely. They will offset the taxes by improving their businesses and will therefore improve the economy.
This is the best way to grow the economy. As businesses hire new people to offset the tax burden, those people are in turn removed from unemployment and newly hired people are more likely to spend their money to pay bills piling up from being out of work, improving the economy yet again. The construction workers hired for the remodeling and new building projects are likewise productive as are the auto workers, car salesmen, etc. This is a true domino effect.
We used to tax at a much higher rate (we are at a historic low) and the economy did not halt. The rich did not flee. Instead we thrived. For the past thirty years we have been crippling ourselves by swallowing this simplistic Friedman doctrine, enriching the already rich and destroying the middle class. Most free market people have NO idea how the system actually works. Those who do know how it works nurture the support of the ignorant. On the other hand most people who say tax the rich have no idea why they are correct.
(more)The market has never and will never police itself. Corporations have never and will never police themselves.
The long answer is that when you raise taxes (Capital gains 35% and the highest bracket to at least 50% over ten years) on the top earners they stop hoarding money and spend their money on home improvement, leasing a new work car, investing in capital ventures, hiring new personal staff, anything to avoid paying the higher taxes. Corporations have even more ways to spend the money on tax deductions. They can hire new employees, raise the salaries of current employees, build new facilities, buy new shipping trucks, etc. Will they ACTUALLY pay more taxes? Possibly, but unlikely. They will offset the taxes by improving their businesses and will therefore improve the economy.
This is the best way to grow the economy. As businesses hire new people to offset the tax burden, those people are in turn removed from unemployment and newly hired people are more likely to spend their money to pay bills piling up from being out of work, improving the economy yet again. The construction workers hired for the remodeling and new building projects are likewise productive as are the auto workers, car salesmen, etc. This is a true domino effect.
We used to tax at a much higher rate (we are at a historic low) and the economy did not halt. The rich did not flee. Instead we thrived. For the past thirty years we have been crippling ourselves by swallowing this simplistic Friedman doctrine, enriching the already rich and destroying the middle class. Most free market people have NO idea how the system actually works. Those who do know how it works nurture the support of the ignorant. On the other hand most people who say tax the rich have no idea why they are correct.
....ever seen Idiocracy? Stupid f*cking movie, but alarmingly close to a potential reality - sort of like Wall-E.
Quote: Tax me more! - Warren Buffett
They are too rich and many have become too corrupt (because of their riches) to thrive. Jesus Christ himself condemned the rich. "It is easier for a camel to go through the eye of a needle, than for a rich man to enter the kingdom of God." As the Japanese say: "The nail that stands out gets pounded down!" Time to pound down the rich!
What is needed is a fair system, in the Uk after i go over 150000 UK pound i get taxed at 50%,what insentive do i have for expanding and providing more jobs for the people.
Why should i work longer and harder so that the tax man get 50% of the money over 150000 earned in tax.
A fair tax for all, but one thing i do notice all the time, certain people and we all know them. they go on about the rich, rich this, rich that,they do this, they do that.
There is no law against trying to get to the top, and being rich, you do not have to go to college, a lot of the people who made it never went past high school, but what they had was drive, to work when others slept, to work when their friend were on holidays, to put all on the line.
You do not have to try to make it big, but lets not all jump on the bandwagon of envy and join the mob who are baying "let them pay more taxes"
If the tax is too big there will be no people to get to the top,its not the person who does not give a go that provides jobs, its the person who give it a go that provides work.
Whats progressive about 75% tax,you have not got a clue.
To get jobs for the people there has to be a FAIR tax for the rich, if the TAX is too much it does not encourage growth, it smothers it.
I do not feel better than anyone else, i feel sorry for people who want work, but a tax of 75% will not help France or any country.
If you came up with a idea that would make you millions, create jobs, which tax would you want to pay 75% or a fair tax.
I am not greedy, i would not like to be so rich that i value nothing,i know one person whose Lambo was scratched, it did not bother him.
No i would not like to be that rich,he did not care, he held no value to it.
The government of our countries can help,the importing of cheap goods in from the far east should have a tax levied on it so it is the same price has the one in the USA,UK,
thus protecting jobs from cheap imports, it would also encourage people to start manufacturing that product because there is a level playing field,to help people start their own business and employ people and get the people back into work.
To get people to reach for the sky is what they should be...
Whats progressive about 75% tax,you have not got a clue.
To get jobs for the people there has to be a FAIR tax for the rich, if the TAX is too much it does not encourage growth, it smothers it.
I do not feel better than anyone else, i feel sorry for people who want work, but a tax of 75% will not help France or any country.
If you came up with a idea that would make you millions, create jobs, which tax would you want to pay 75% or a fair tax.
I am not greedy, i would not like to be so rich that i value nothing,i know one person whose Lambo was scratched, it did not bother him.
No i would not like to be that rich,he did not care, he held no value to it.
The government of our countries can help,the importing of cheap goods in from the far east should have a tax levied on it so it is the same price has the one in the USA,UK,
thus protecting jobs from cheap imports, it would also encourage people to start manufacturing that product because there is a level playing field,to help people start their own business and employ people and get the people back into work.
To get people to reach for the sky is what they should be doing, most people want to be rich they do not want to be poor,more help for people with ideas,tax incentives to start your own business.
A FAIR TAX FOR ALL FROM RICH TO POOR, i think taht would be fair do you!
The bigest drain in the UK is not the rich not paying taxex its the people whao are having a wonderfull time on benefit and not paying any tax or ni througout their lives.