To reduce wealth inequality, top income Tax level must go UP.
The only real definite way to avoid GST increase is to increase the maximum income tax level.
In USA in 1930s to 1980s, it was 78%.
It is now down 35% but calls are for the top tax rate to increase again to pay for social programmes to uplift low wage workers etc.
There is also a movement against rent seeking: e.g. curb chief executive pay, reduce patent periods to prevent patent owners from excessive rent seeking etc etc.
==============
Economic Affairs
High taxes on the super-rich are back in vogue
Vikram Khanna
PUBLISHED on 27 February 2019.
A tax counter-revolution may be under way
Could a new tax revolution be on the cards that will end the long era of low taxes for the super-rich? We don't know yet, but in the United States, the battle lines are being drawn.
The newly elected US Congressman Alexandria Ocasio-Cortez made headlines recently when she proposed a top marginal tax rate of 70 per cent on incomes of US$10 million (S$13.5 million) or more. The left-of-centre US politician and presidential candidate, Senator Elizabeth Warren, proposes a 2 per cent "ultramillionaire wealth tax" on people with a net worth of US$50 million and an additional 1 per cent on those worth more than US$1 billion. This tax would be levied on the combined value of all assets, including financial assets and real estate held both within and outside the US... ...
https://www.straitstimes.com/opinion/high-taxes-on-the-super-rich-are-back-in-vogue
The only real definite way to avoid GST increase is to increase the maximum income tax level.
In USA in 1930s to 1980s, it was 78%.
It is now down 35% but calls are for the top tax rate to increase again to pay for social programmes to uplift low wage workers etc.
There is also a movement against rent seeking: e.g. curb chief executive pay, reduce patent periods to prevent patent owners from excessive rent seeking etc etc.
==============
Economic Affairs
High taxes on the super-rich are back in vogue
Vikram Khanna
PUBLISHED on 27 February 2019.
A tax counter-revolution may be under way
Could a new tax revolution be on the cards that will end the long era of low taxes for the super-rich? We don't know yet, but in the United States, the battle lines are being drawn.
The newly elected US Congressman Alexandria Ocasio-Cortez made headlines recently when she proposed a top marginal tax rate of 70 per cent on incomes of US$10 million (S$13.5 million) or more. The left-of-centre US politician and presidential candidate, Senator Elizabeth Warren, proposes a 2 per cent "ultramillionaire wealth tax" on people with a net worth of US$50 million and an additional 1 per cent on those worth more than US$1 billion. This tax would be levied on the combined value of all assets, including financial assets and real estate held both within and outside the US... ...
https://www.straitstimes.com/opinion/high-taxes-on-the-super-rich-are-back-in-vogue
