Firstclass1188 (HWZ) wrote:Crazy then where is the motivation to work hard and be successful?
Obviously the bracket for 99% will be quite high and only affect the top 0.1% earners.
But when some CEOs currently earn 500 times the salary of the median worker in their companies, there might be corruption involved (e.g. Enron with deliberate accounting errors) which may be moderated somewhat with this limit on wages rule.
And since some CEO earn 500 times the wages of the median worker, even a 50-99% tax at some point will mean that they still easily earn 250 times the salary of the median worker, which is still a very stupendous amount of $$$ don't you think so?
In any case, 99-100% is just a moot point, maybe we can apply something in the region of 70-80% eventually so as not to disincentive hard work. But this shall be the beginning of a debate for more progressive taxation.
Countries whose government impose higher regressive taxes like VAT, GST may be faced with higher societal wealth inequality which will cause social unrest which will also mean falling GDP or high government sovereign debt like Greece etc. Thus, this essay shall inspire greater discussion about more progressive taxation, e.g. Inheritance taxes, property taxes (of up to 60% of annual value at highest bracket) etc so as to fund the general society needs (+ military) and keep society harmonious together (not so much wealth inequality as there is in Singapore and Hong Kong).
~ Matthew 25:40: "The King will reply, 'I tell you the truth, whatever you did for one of the least of these brothers of mine, you did for me.'"- (NIV)