Top income brackets should be taxed at 99%.

Discussion in 'Budget & Taxes' started by Bic_Cherry, Oct 8, 2019.

  1. Bic_Cherry

    Bic_Cherry Active Member

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    Top income brackets should be taxed at 99%.

    The following chart shows that in some industries, CEOs earn in excess of 500 times the median employee salary.
    [​IMG]

    This, to curb poverty, society must determine in tandem, BOTH the poverty level for living wages etc as well as the maximum wage possible, in excess of which, taxes of 99% on the tier of excess income is levied.

    The competition between countries fighting for talent will NOT then be the top income tax level (it should all be 99%), but the income point where the 50% and 99% income tax bracket begins, e.g. at $5 million and $10 million respectively etc.

    Graph source:

    https://www.forbes.com/sites/justca...en-it-comes-to-ceo-to-average-worker-pay/amp/
     
  2. Political Master

    Political Master Newly Registered

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    The problem with that is why would the top bracket keep earning, lets say I made a million and I only got to keep a thousand....what's the odds I would do that again...None if I didn't take my wealth and leave the country. Have you ever worked for a poor person, I think not.
     
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  3. Bic_Cherry

    Bic_Cherry Active Member

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    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).
     
  4. Derideo_Te

    Derideo_Te Well-Known Member

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    Wouldn't it be more effective to just change the law so that the maximum multiple of earnings between the lowest and the highest earnings was set to just 200 times? That means that if a CEO wants to have increased earnings he needs to ensure that EVERYONE in the company also benefits from his increase. There should also be a direct link to the share price for the same purpose given that a lot of CEO's receive income from share options.

    By doing something like that we effectively ensure that CEO's are not just working for themselves and shareholders but also for those are doing the actual hard work of EARNING that corporate income and profits.
     
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  5. Political Master

    Political Master Newly Registered

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    Back in the day a loaf of bread was 5 cent and wages $2.50 a day. Then people wanted higher wages, $5.00 a day, business had to let some people go, couldn't afford to keep them, a loaf of bread went to 52 cent a day. Do you see how it goes? giving government more money won't fix this.
     
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  6. squidward

    squidward Well-Known Member

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    Why do you think you have a right to their money?
     
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  7. Political Master

    Political Master Newly Registered

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    Why do those median workers have jobs?
     
  8. Bic_Cherry

    Bic_Cherry Active Member

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    Even monkeys are smarter than the average Singaporean (worker) as u can see:...







    https://youtu(dot) be/meiU6TxysCg
    [YouTube]meiU6TxysCg[/YouTube]
     
    Last edited: Oct 8, 2019
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  9. Bic_Cherry

    Bic_Cherry Active Member

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    U mean across borders rite, like spear headed by UN across the world?

    Guess will depend if people rebel against the greedy CEOs and make it necessary to pass laws to curb such greed. Which wouldn't take too long since people are nowadays uniting to protest in ever bigger numbers, e.g. Hong Kong which has since set a modern day precedence for the commitment and endurance of protesters around the world I think.

    Young people are smarter nowadays and able analyse problems better, so they will more quickly accept my views and solution to promote much more progressive income taxation to limit CEO greed and corporate abuse of 'cheap labour', and perhaps shared benifit from automation and artificial intelligence etc.

    Is just like anti-global warming efforts. 10 years ago, that was unheard of but today its a common refrain. Likewise the welfare state and universal healthcare, unheard of pre WW2 but common all around Europe thereafter.
     
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  10. squidward

    squidward Well-Known Member

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    Start your own company and pay yourself the salary of your choice
     
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  11. a better world

    a better world Well-Known Member

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    It's a systems problem, which facilitates hideous "race to the top" CEO remuneration.

    ….based on the obsolete theory of "invisible hand" neoliberalism, and the 'quantity theory of money", which 'values' money in terms of exchange of goods in a market place - whereas a community is much more than a market place, and so communities also place value on economic activity outside of a market place eg, education and infrastructure.

    Time to study MMT.
     
    Last edited: Oct 12, 2019 at 8:18 AM
  12. Quadhole

    Quadhole Well-Known Member

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    That would be GREAT for one year. Then they could go back to the 1980 tax laws and brackets. All would be fixed, it really would be that easy. You do have to remember that is NOW a nominee said the same thing, or even got elected and tried it. The Billionaire would spend BILLIONS to stop it. TV ADS, Facebook, etc. until they had every right wing retard Trump cronies telling the other that it isnt fair to take the billionaires money.
    The lack of education has taught these people to follow JUNK PROPAGANDA Leaders like Trump. It is all about the Show, not reailty and what is good... Yell, scream, blame, and pretend you are smart, dress nice and create an image
     
  13. Moi621

    Moi621 Well-Known Member Donor

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    We need the Eisenhower Tax Code with adjustments for the
    value of a dollar then and now.


    BLAME: JFK :worship: and Presidents since 1960 sponsoring
    Bi Partisan supported Tax Cuts. Tax Cut :woot:
    Barely dinner and a movie for us with loss of services for some,
    and . . . . . the uber wealthy are created.


    Moi :oldman:




    Canada-3.png
     
  14. TheKeefer

    TheKeefer Active Member

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    Nobody with average ability has to live in poverty.

    Glad to solve this for you.

    Nobody owes you anything.
     

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