Do you think the government should enforce some limits on wealth accumulation? Genuine question, because this doesn’t appear on neither the pro nor con lists in that definition and I’d like to hear a take of a self described economic liberal on this
I don’t think total accumulation of wealth would be a problem in itself IF it was taxed properly.
If I was in charge I’d do the following:
Simplify the tax code and remove exemptions.
Set a threshold for inheritance tax, say $5m, and tax anything above that at close to 100%.
Setup a department to review and adapt to tax avoidance strategies I.e. billionaires taking out loans to avoid paying themselves in dividends, which would have been taxed.
Make the tax code progressive e.g. you pay more tax the more you earn. Set this up for capital, income, pension etc. Tax it all at the same level.
I think this provides enough of an incentive to work hard but removes the inter generational plutocracy issues.
Equality of opportunity and all that.
P.S. In my opinion, the accountancy profession should not need to exist. Rules should be simple enough for an average person to follow.
Do you think the government should enforce some limits on wealth accumulation? Genuine question, because this doesn’t appear on neither the pro nor con lists in that definition and I’d like to hear a take of a self described economic liberal on this
I don’t think total accumulation of wealth would be a problem in itself IF it was taxed properly.
If I was in charge I’d do the following:
I think this provides enough of an incentive to work hard but removes the inter generational plutocracy issues.
Equality of opportunity and all that.
P.S. In my opinion, the accountancy profession should not need to exist. Rules should be simple enough for an average person to follow.