Whenever I tell people that the rich have gotten richer, but the poor have also got richer, they laugh. I'm from Britain and we've seen a rise in foodbanks and this is why people think we "must be poorer", though, the rise in foodbanks was because we had a Conservative government and they prefer charitable donations over welfare. Welfare still exists, of course, but charity is preferable for these people. There are less taxes to pay that way.
Think about the write-offs that you have today as an individual or married couple. Then, add in the ability to deduct taxes paid on gas, cigarettes, and state and local sales tax. Before around 1980, your contributions to a church with an associated school were fully tax deductible. That resulted in those churches setting minimum contribution levels if your child attended the school. (Doesn't that sound a lot like SALT today?) I'll suggest that any self-preparer would agree that, from the perspectives of maintaining deductions versus a much larger zero bracket amount and higher individual personal-exemption, the comment is accurate. Do I think that a flat rate might be easier? Yes, from a preparer perspective. Do I think that it would be a fool-proof way to eliminate fraud or that it would incent corporations to commit to extensive R&D? No. I guess my only opinion is that, whatever the tax plan, you have to reward work and contribution, not hide behind "equity."
There is a simple answer to inequality: Charity No one is stopping all humankind from embracing charity. The fact that it isn't is the reason you will always have inequality. But mankind is generally rather selfish and living in an abundant planet yet not infinite planet. Scarcity exists but human desire is infinite. You cannot fix a problem using economics or governance that persists in the human heart. The people trying to fix the problem have it in them. How many people who are here trying to solve this problem are actually practicing charity to the point it makes them equal to those whom they are expressing empathy towards?
Laffer did not come up with the Laffer curve. :-) Bastiat wrote about this topic. And I'd guess the issue was known in Antiquity, if only in the sense that too high a tax rate might spark a revolt against the ruler.
Essential services and resources of countries should be owned and supplied by governments not privately. Mines Electricity Water Telecommunications Infrastructure. Through these the government will create their income and taxes to workers can be reduced.
Man oh man!..an economy piece..this is a good piece..
Whenever I tell people that the rich have gotten richer, but the poor have also got richer, they laugh. I'm from Britain and we've seen a rise in foodbanks and this is why people think we "must be poorer", though, the rise in foodbanks was because we had a Conservative government and they prefer charitable donations over welfare. Welfare still exists, of course, but charity is preferable for these people. There are less taxes to pay that way.
"Back then, it was incredibly complex and had lots of loopholes." Unlike now, where it's incredibly complex and has a lot of loopholes.
Think about the write-offs that you have today as an individual or married couple. Then, add in the ability to deduct taxes paid on gas, cigarettes, and state and local sales tax. Before around 1980, your contributions to a church with an associated school were fully tax deductible. That resulted in those churches setting minimum contribution levels if your child attended the school. (Doesn't that sound a lot like SALT today?) I'll suggest that any self-preparer would agree that, from the perspectives of maintaining deductions versus a much larger zero bracket amount and higher individual personal-exemption, the comment is accurate. Do I think that a flat rate might be easier? Yes, from a preparer perspective. Do I think that it would be a fool-proof way to eliminate fraud or that it would incent corporations to commit to extensive R&D? No. I guess my only opinion is that, whatever the tax plan, you have to reward work and contribution, not hide behind "equity."
There is a simple answer to inequality:
Charity
No one is stopping all humankind from embracing charity. The fact that it isn't is the reason you will always have inequality. But mankind is generally rather selfish and living in an abundant planet yet not infinite planet. Scarcity exists but human desire is infinite. You cannot fix a problem using economics or governance that persists in the human heart. The people trying to fix the problem have it in them.
How many people who are here trying to solve this problem are actually practicing charity to the point it makes them equal to those whom they are expressing empathy towards?
Laffer did not come up with the Laffer curve. :-) Bastiat wrote about this topic. And I'd guess the issue was known in Antiquity, if only in the sense that too high a tax rate might spark a revolt against the ruler.
But "Bastiat Curve" rolls off the tongue like a square wheeled bicycle, so....
Essential services and resources of countries should be owned and supplied by governments not privately. Mines Electricity Water Telecommunications Infrastructure. Through these the government will create their income and taxes to workers can be reduced.
Where does the government get money from
By the way, I don't think that focusing on British history will give us any palatable insights.
Everyone is missing the point. Taxation will be taken over by Artificial Intelligence. Unless you're stupid and hate keeping up with your neighbors.