Monday, 10 November 2014

Crazy Idea 4 - Tax the Rich!

The fact is that unless we increase government revenue and stop borrowing as a country, we will never pay off the National Debt.

Let’s be honest, no-one actually wants to pay more tax. The poor simply cannot afford to, the rich may feel they have earned their wealth so why should they give it away. Those in the middle (if there is such a place anymore) have no desire to lose what they have.

Yet the disparity between rich and poor has grown to such an extent that the very rich are in real danger of a revolution occurring that not only strips them of their wealth but also takes their lives. With millions of people attacked by inflation on food, the savagery of benefits and mass unemployment, how close are we to the point where the poor will have had enough and be willing to risk their lives to achieve justice and equality?

Would the super rich be willing to accept a large increase in tax, even on their savings and assets if it made Britain a more equal country, a more just country to live in?

Even if not, one only has to watch some of the many excellent presentations online to see that something has gone very wrong with the distribution of wealth in Western Society:

Distribution of Wealth in the UK

Wealth Inequality in America

I posted both the above presentations on this blog back in March 2013. Has the situation improved? Only for the wealthy...

According to the ONS back then, the richest ten percent of people in the UK have wealth totalling £4.5 Trillion.

For over eighteen months, the richest ten percent in the UK have been able to afford to pay off the National Debt in its entirety and still have well over three trillion pounds to cushion their deep pockets!

Even after paying of the National Debt, the richest ten percent in the UK could fund full employment for the 2.5 million currently unemployed at an annual salary of £20,000 for the next 66 years!

Yet the Coalition has insisted in cutting taxes for the wealthiest in Britain…

Here’s a crazy idea, tax the super rich and redistribute that wealth until there are no more poor people left in the UK.


Do post your own ideas or feedback on my crazy ideas in the comments below each post.

As I wrote last week, I am making my 100 crazy ideas freely available. It seems unjust to propose ideas to fix the economy and then prevent people from freely reading those ideas. I will publish the full series once complete but this blog will remain.

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References:

(CI004A; ONS; http://www.youtube.com/embed/oGdRM3C_wjc?rel=0)

(CI004B; http://www.youtube.com/embed/QPKKQnijnsM)

(CI004C; My100Goals; http://my100goals.blogspot.com/2013/03/equality.html)

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