perceptions_now
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Australian Politics
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Perth WA
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Swagman wrote on Nov 9 th, 2015 at 12:03pm: perceptions_now wrote on Nov 9 th, 2015 at 11:24am: Swagman wrote on Nov 9 th, 2015 at 10:47am: As usual Swagi, you, like most Politicians, only tell a part of the story! I repost the following here, as it is relevant! perceptions_now wrote on Oct 18 th, 2015 at 12:25pm: US wealth inequality - top 0.1% worth as much as the bottom 90% Not since the Great Depression has wealth inequality in the US been so acute, new in-depth study finds.Over the past three decades, the share of household wealth owned by the top 0.1% has increased from 7% to 22%. For the bottom 90% of families, a combination of rising debt, the collapse of the value of their assets during the financial crisis, and stagnant real wages have led to the erosion of wealth. The share of wealth owned by the top 0.1% is almost the same as the bottom 90%.http://static.guim.co.uk/ni/1415721490539/Wealth_line-chart.svgThe chart shows how the top 0.1% of families now own roughly the same share of wealth as the bottom 90%. http://www.theguardian.com/business/2014/nov/13/us-wealth-inequality-top-01-wort...============================================== The thing is that nothing goes on forever & there are limits to everything!
We are also now more interlocked than at any other time in modern Economic history!
All of which means, change must come or everyone will lose!
To start the ball rolling, the Politicians (all of them) will have to put aside their own short term benefits & those of their supporters (Businesses, Unions, etc).
They will have to start ensuring that everyone pays their fair share of Taxes, which is not happening now, particularly for those at the top 10% of income earners/wealthy & for those large businesses, particularly Global Businesses AND they will have to roll back some of the Entitlements, particularly for those who don't need them!
We can no longer afford, the days of PLAYING Politics! I'm not a politician, and I'm not telling stories, just providing facts. It is a simple fact that around 67% of income tax is paid by 25% of tax payers. As for a "fair share" of tax? Robbing individuals of their reward for effort and redistributing to other individuals it is not a definition of "fair". That is simply theft. At best, it's is forced charity. Every individual gets roughly an equal share of all those broad Govt services funded from taxation (despite what they pay). Defense, law and order, public infrastructure, etc etc, etc etc. But those that pay 100 times the average amount of tax, certainly don't receive 100 times the benefits back from Govt. Now that would be fair. Practical? No. But fair, yes. The System is what it is. The majority that pays the minority of tax simply extorts from the rewards for effort of the minority that pays the majority of tax. Because they can. They are the majority and in a democracy ochlocracy, the majority rules. And without a Bill of Rights prohibiting such behaviours, the majority will always exploit the minority. That is our tax system. Fact. Not a palatable fact for Lefties I'd admit, but a FACT nevertheless.  The fact is, the system can only work, IF Tax is paid on Income earned, NOT on the numbers of various Tax Payers! If the Tax system was based on your numbers, then those in the Lowest income earning quintiles would pay ALL OF THEIR INCOME BACK IN TAXES, BUT THAT STILL WOULDN'T PAY ENOUGH TAX, TO PROVIDE WHAT IS REQUIRED! The Fact is, THE TOP 1% have the earnings & assets and they MUST PAY THEIR FAIR SHARE OF TAX, BASED ON THE $'s, NOT THE NUMBERS. IT'S THE ONLY WAY IT CAN POSSIBLY WORK! So, whilst they may pay 60% of Taxes, they earn more than they pay & they must pay more, as will Business (particularly BIG BUSINESS & GLOBAL BUSINESS) or the whole system will collapse!
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