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A wealth Tax Should Be Introduced In Australia (Read 11225 times)
freediver
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Re: A wealth Tax Should Be Introduced In Australia
Reply #45 - Jan 21st, 2022 at 2:24pm
 
From your link:

Quote:
The monetarist dogma that creating money inevitably leads to inflation turned out to be wrong. It’s inflationary only if it causes the demand for the “real resources” – land, labour and physical capital – used to produce goods and services to exceed the supply of real resources. Until you reach that point, the creation of more money – whether by the banking system or the government – should give you stronger demand and more jobs without causing problems.


The highlighted bit is what proves is doesn't understand the basics of economics. It is not a tap that gets turned on or off. Doing a bad thing does not become good just because you do it to a lesser extent. It is merely not as bad.
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thegreatdivide
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Re: A wealth Tax Should Be Introduced In Australia
Reply #46 - Jan 21st, 2022 at 3:21pm
 
freediver wrote on Jan 21st, 2022 at 2:24pm:
The highlighted bit is what proves is doesn't understand the basics of economics. It is not a tap that gets turned on or off. Doing a bad thing does not become good just because you do it to a lesser extent. It is merely not as bad.


Sustainably developing the nation's resources and productive capacity, on behalf of the common prosperity - and staying there - is a good thing.

You don't need to "turn the tap off" when this is achieved.   




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freediver
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Re: A wealth Tax Should Be Introduced In Australia
Reply #47 - Jan 21st, 2022 at 3:30pm
 
You missed the point completely.
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thegreatdivide
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Re: A wealth Tax Should Be Introduced In Australia
Reply #48 - Jan 21st, 2022 at 3:39pm
 
freediver wrote on Jan 21st, 2022 at 3:30pm:
You missed the point completely.


Which is?

Gittins correctly pointed out inflation is related to resources availability which must not be exceeded,  not a money supply problem, or "turning taps on or off" in dysfunctional market economies. 
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« Last Edit: Jan 21st, 2022 at 5:04pm by thegreatdivide »  
 
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freediver
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Re: A wealth Tax Should Be Introduced In Australia
Reply #49 - Jan 22nd, 2022 at 8:44am
 
The highlighted bit is what proves he doesn't understand the basics of economics.
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Karnal
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Re: A wealth Tax Should Be Introduced In Australia
Reply #50 - Jan 22nd, 2022 at 1:53pm
 
Valkie wrote on Jan 18th, 2022 at 5:49pm:
John Smith wrote on Jan 18th, 2022 at 5:02pm:
Valkie wrote on Jan 18th, 2022 at 11:45am:
Not conned, just sick to death of lazy parasites sitting on their fat arses doing nothing and demanding more to do it.



you mean those like you?


No, more like you.

I have done my time 47 years fully employed.
Paid my taxes all my life.
Done my job and been a worthwhile employee.

Now Im retired, living on my own money, I get nothing from the system I have supported all my life.

Paying for dole bludgers, abbos, illegal immigrants, single mothers who keep churning out kids for cash and a whole lot of other parasites.

I owe no one anything
And everyone owes me.



You get the invalid pension, you silly old thing, you know that. It's the reason you're hustling for a pension rise and cuts to the dole. You're just scrounging at the table for scraps, fighting off your fellow beggars.

As the OP points out, the problem is the wealth floating to the top - not due to any natural economic forces, but government regulation and subsidies.

We could fix many of these problems in one go: a universal basic income, a plan proposed by the billionaires themselves: Musk, Zuckerberg, Gates, etc.

Mechanisation is steadily replacing the majority of jobs: manufacturing, transport, warehousing, retail; these workforces are about to be decimated. Even the service sector is being outsourced to foreign call centres, if not to bots.

It's pointless blaming dole bludgers when the shortage of jobs is systemic. The billionaires themselves are acknowledging this - many are asking to be taxed. Bill Gates puts the growing income gap and wealthy tax evasion up there with malaria and lack of clean drinking water as a pressing global problem. 

We could replace all those benefits - the pension, the dole, child subsidies - with a universal basic wage. No work for 20 years, no cut-off after a year, no means testing, everybody. The payment could then be taxed accordingly, or taken back, based on your income.

We've seen the results - the covid payments were an economic stimulus that saved us from recession. Problem is, we borrowed the money rather than taxing the wealthy. The result? The cash just flowed into the coffers of Harvey Norman et al.

A reasonable universal income of about $300 a week paid to all working-age adults would more than double our Centrelink budget, so we'd need a wealth tax to cover it. No problem, the big billionaires are already supporting that. This is an idea who's time has come.

Stop fighting for scraps, leftards, let's give everybody a fair go and take back our fair share. Companies will still do business in Australia. It's time to take the next logical step in human evolution.
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freediver
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Re: A wealth Tax Should Be Introduced In Australia
Reply #51 - Jan 22nd, 2022 at 1:58pm
 
Quote:
As the OP points out, the problem is the wealth floating to the top - not due to any natural economic forces, but government regulation and subsidies.


The OP says nothing of the sort. It's just wow, look at all that money, let's take it.
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Karnal
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Re: A wealth Tax Should Be Introduced In Australia
Reply #52 - Jan 22nd, 2022 at 2:05pm
 
freediver wrote on Jan 18th, 2022 at 6:52pm:
This is a terrible idea. Unless your plan is to get all the rich people to either leave the country or invest their money overseas.


Oh, ja. Remember that pearler during the mining tax debate? Rudd caved. Meanwhile, the industry thrived. BHP and Rio aren't going anywhere. They pay the major parties and stack Parliament House with lobbyists to have their say, but they're here for the long haul.
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Karnal
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Re: A wealth Tax Should Be Introduced In Australia
Reply #53 - Jan 22nd, 2022 at 2:18pm
 
freediver wrote on Jan 22nd, 2022 at 1:58pm:
Quote:
As the OP points out, the problem is the wealth floating to the top - not due to any natural economic forces, but government regulation and subsidies.


The OP says nothing of the sort.


Oh, I see. You want to play no-speaka-da-English, eh?

Que?

Quote:
The world’s richest 10 men have more than doubled their wealth since the start of the pandemic, while 99 per cent of the global population have been left worse off, according to international charity Oxfam.


Quote:
When businesses were forced to close and workers confined to their rooms, central banks slashed interest rates to record lows and pumped trillions of dollars into financial markets to help keep the global economy afloat.

But much of that economic stimulus ended up flowing into company coffers and lining the pockets of their billionaire owners.


Quote:
But over the past two years inequality worsened due to “massive injections of finance from central banks into economies”.


Quote:
But over the past two years inequality worsened due to “massive injections of finance from central banks into economies”.


Quote:
Across the globe inequality jumped during the pandemic


Quote:
The world’s small elite of 2755 billionaires has seen its fortunes grow more during COVID-19 than they have in the whole of the last 14 years – 14 years that themselves were a bonanza
for billionaire wealth,” Oxfam’s report said.


Quote:
"The wealthier you are, the wealthier you get as asset values rise,” Ms Hutley said.
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freediver
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Re: A wealth Tax Should Be Introduced In Australia
Reply #54 - Jan 22nd, 2022 at 2:21pm
 
Quote:
"The wealthier you are, the wealthier you get as asset values rise,” Ms Hutley said.


Ah. How unnatural.
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Karnal
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Re: A wealth Tax Should Be Introduced In Australia
Reply #55 - Jan 22nd, 2022 at 2:42pm
 
freediver wrote on Jan 22nd, 2022 at 2:21pm:
Quote:
"The wealthier you are, the wealthier you get as asset values rise,” Ms Hutley said.


Ah. How unnatural.


How inscrutable. Are you being economical with  your words to avoid making an argument?

Oh-er, looks like you made one here:

freediver wrote on Jan 21st, 2022 at 2:24pm:
The highlighted bit is what proves is doesn't understand the basics of economics. It is not a tap that gets turned on or off. Doing a bad thing does not become good just because you do it to a lesser extent. It is merely not as bad.


I'm curious. When you bring ethics into a discussion on fiscal stimulous, how do you define concepts like "good" and "bad"?

That's a question.
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thegreatdivide
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Re: A wealth Tax Should Be Introduced In Australia
Reply #56 - Jan 22nd, 2022 at 2:51pm
 
freediver wrote on Jan 22nd, 2022 at 8:44am:
The highlighted bit is what proves he doesn't understand the basics of economics.


Don't you read replies? Here it is again:

Gittins correctly pointed out inflation is related to resources availability (demand for which must not be exceeded)  NOT a money supply problem, or "turning taps on or off" in dysfunctional market economies. 
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« Last Edit: Jan 22nd, 2022 at 3:10pm by thegreatdivide »  
 
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Grappler Truth Teller Feller
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Re: A wealth Tax Should Be Introduced In Australia
Reply #57 - Jan 22nd, 2022 at 2:58pm
 
Karnal wrote on Jan 22nd, 2022 at 2:42pm:
freediver wrote on Jan 22nd, 2022 at 2:21pm:
Quote:
"The wealthier you are, the wealthier you get as asset values rise,” Ms Hutley said.


Ah. How unnatural.


How inscrutable. Are you being economical with  your words to avoid making an argument?

Oh-er, looks like you made one here:

freediver wrote on Jan 21st, 2022 at 2:24pm:
The highlighted bit is what proves is doesn't understand the basics of economics. It is not a tap that gets turned on or off. Doing a bad thing does not become good just because you do it to a lesser extent. It is merely not as bad.



I'm curious. When you bring ethics into a discussion on fiscal stimulous, how do you define concepts like "good" and "bad"?

That's a question.


One is sometimes obliged to be economical with the truth... and truth is such a fragile beast it oft times needs to be surrounded by a bodyguard of lies...
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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
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thegreatdivide
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Re: A wealth Tax Should Be Introduced In Australia
Reply #58 - Jan 22nd, 2022 at 3:01pm
 
Karnal wrote on Jan 22nd, 2022 at 1:53pm:
Stop fighting for scraps, leftards, let's give everybody a fair go and take back our fair share. Companies will still do business in Australia. It's time to take the next logical step in human evolution.


Yes the Right are laughing all the way to the bank, when Leftards all around the world are arguing among themselves.


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thegreatdivide
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Re: A wealth Tax Should Be Introduced In Australia
Reply #59 - Jan 22nd, 2022 at 3:08pm
 
Grappler Truth Teller Feller wrote on Jan 22nd, 2022 at 2:58pm:
One is sometimes obliged to be economical with the truth...


Never "obliged", no.   

Quote:
and truth is such a fragile beast it oft times needs to be surrounded by a bodyguard of lies...


Example?   

Of course, that will require you defend your version of "truth"....
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