Billionaire Ray Dalio Says “Capitalism Is Not Working” for Most People
- Thread starter dealmaker
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The government is taxing us multiple times on the same money.
1. When we make money through our salary, investment and business, the government taxes.
2. We then spend the same money that was taxed, the government taxes again (VAT,GST,Sales tax, etc).
3. The same money is then given to our children (inheritance), it is being taxed again.
You can tax the rich a little higher. But if it's too high, there will be no incentive for innovation, business expansion and worse, they will flee to another country. Laymen will become lazy and pampered. Why work hard when at the end of the day, you are still going to be almost as rich as those who work harder.
For argument sake, the Scandinavian countries seem to be doing all-right in terms of innovation and business development, yet their tax rates are pretty high. Work ethic and desire to innovate or build things is largely a matter of culture - Russian business taxes are very low yet the country remains the same kleptocracy it was during the Soviet times.
Now, the reality is that most upper-middle class Americans (the sweet spot for taxation - you make enough to get shafted yet not enough to pay for a tax shelter) already pay taxes that are pretty high, we just happen to break them down into all sorts of buckets (federal, state, local, real estate etc). We also don't get nearly as much for our taxes as the Europeans do, which means you end up paying for-profit prices for things that you'd get for free there.
Nice.
The US likes to think its the champion of free enterprise. It is indeed doing well but is actually only a runner-up.
The World Bank ranks the US 6th easiest country in which to do business, after New Zealand, Singapore, Denmark, South Korea and Hong Kong (but 1 place ahead of my beloved UK).
The National Conference of State Legislatures has found that 25% of US employees must hold some form of permit or licence to carry on their work. OK, I'm sure I support the licencing and regulation of surgeons or pilots or truck drivers - but bartenders?
"Semantics" but then you go into awkward definitions to justify your beliefs are difference from that of the evil "Left."
You are partly right. Cultures do play a role. However, business generally tend to flow to lower business-cost regions, such as China, Asia and other emerging markets. They flee from EU.
Do you mind elaborating more on this?
As far as I am concerned, the cost will almost be the same for both. The only difference is in EU, the rich will pay for the poor, say healthcare. Free healthcare for all, the rich will contribute more than the poor, but everyone will receive equal treatment.
Oh I like that little twist on it... All surplus should be distributed to legal citizens. Then whichever government fails at this gets kicked out.
All BULLSHIT!
The only fair tax is a "flat tax" (good grief... even the F'n Russians recognize this). Progressive Income Taxation is prejudicial and a tool of oppression and despotism!
They would never do it and most don't realize people who this would affect have already moved their funds out of the country but still trade USA exchanges. Have dual citizenships elsewhere or one marries a foreigner so they can leave. So what if you have businesses here, go elsewhere and sell business to foreign investment, guess who foreign investment would be? You don't think people have not made arraignments like this, you live in fairy tale life. If you don't plan, you will lose.
Those who have huge mouths wanting change of our society and have government make strides to change it, they know they won't be paying a dime of their taxes to that effort cause they pay next to nothing in taxes.
Should have the Ray Dalio tax for those who can fund billions into what changes they want, oh wait, capitalism certainly helped him and he does not want to pay a trickle. He wants middle class to pay for it. Yea, busing intercity kids to upper income schools shows that didn't work either, drugs moved with them. But big cities are generally controlled by democrats, look at fine job they are doing. They know how to bankrupt cities, high taxing does not work, it causes people to leave.