Well the progressives want to tax the top 5% more to pay for it, but they worked out it'd be like an 80% tax rate to pay for it, at which point the businesses fearing a Venezuela situation, would do one, then your wealth creators are all gone. I know folk don't like trickle down economics but in a capitalist system its what works. Demonstrated by most free societies.
Make sure you read it bankend paticularly this bit
Buffett says there is a problem with that economic system, which made him a king: Many individuals suffer even as those at the top prosper wildly.
He points to the Forbes 400, which lists the wealthiest Americans. "Between the first computation in 1982 and today, the wealth of the 400 increased 29-fold — from $93 billion to $2.7 trillion — while many millions of hardworking citizens remained stuck on an economic treadmill. During this period, the tsunami of wealth didn't trickle down. It surged upward
we are talking about the yanks even just a national insurance type tax would not bring the money in the sheer cost of medical treatment and medical care would be trillions it would cost billions just to run it.
you think the nhs is expensive the yanks would dwarf it.
over here there thinking of bringing in a OAP care tax of 2.5% for the over 40s.
Yes really. These folks on trillions billions etc these are global companies, course their rich. They employ people, you start takin Mick wi tax an they got no choice but move, taking the jobs with them. Can see i will get nowhere ere folk just hate the rich. Where i see em as a necessity to drive aspiration.
So you fully support a system that only benefits the wealthy whilst the bottom end get poorer as pointed out by one of the richest men on the planet who has in his own words benefited by a loaded system .
These people don't even pay the tax they should do despite their great wealth , admittedly legally but none the less morally wrong .
For what it's worth I don't hate the rich , I hate exploitation and an unfair system .
I think you are missing the point of the Buffet article (as demonstrated by Exile having to selectively quote it). He is decrying the fact that the less well paid have been left behind as a consequence of the loss of skilled jobs to automation. Cut through the hyperbole and there is nothing in there to demonstrate that ‘the bottom end get poorer’.
The reality is that the Capitalist system, no matter how imperfect, has delivered far more for working people than any alternative.
Socialism, as history demonstrates time and time again and is currently demonstrating in Venezuela, delivers nothing but misery for the very people it is supposed to help.
Saying that ‘these people don't even pay the tax they should do’ is an unsustainable generalisation and daft. Tax avoidance and evasion occurs across the entire social spectrum (albeit it is harder to do it on PAYE). You may recall that you seemed to know an awful lot about people in Barnsley who had a nice business in selling cigarette upon which duty had been evaded. I would doubt whether there were many of the landed gentry in their customer base.
A further reality is that the tax burden on the wealthy keeps public services running.
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