jc, Heather is confusing Capitalism with Rent-Seeking which thrives when Human and Labour rights are not respected. Again, Adam Smith was just as naive as Karl Marx.
When People on Here say "Tax the Rich"
- Thread starter Claudia Love
- Start date
Let's unpack that.
Yes, it would hurt workers in those countries. Yes, it's better to have a low paying job than no job. Yes, it would raise the cost of goods and services in Canada. Yes, it would mean the people in those foreign countries would not buy as many goods and services. And plenty work in exporting companies.
I didn't say implementing tariffs would have no drawbacks. Of course it would. Any major action like that has repercussions. But the middle class would begin to grow again, we'd be less reliant on global trade lines (which, if you haven't noticed, are in the worst disarray right now I've ever seen), we'd shrink the wealth divide, wages would naturally increase to a livable wage because all the cash flow isn't pooled at the top or leaving the country, and we could reduce the ridiculous amount of government intervention to prop up the lower class because it's being addressed at its foundation instead.
The Smoot-Hawley tariffs were a blunt instrument, added to already high rates. There's a consensus among economists that it exacerbated the Great Depression, but they differ on how much. It certainly did not cause the Great Depression, nor is it the majority reason for why imports dropped 67%. Besides which, I'm not advocating for a return to 60% rates. I'm advocating for targeted application based on the foreign actor's labor situation, and would not be applied to countries with similar standards of living.
If not tariffs, what would your suggestion be for solving the widening economic disparity? The status quo is untenable, when a two-income household can't afford to get by.
We could return to a more progressive income tax system, where the top marginal rate is much higher. If both tariffs and higher marginal tax rates are ruled out, the only other option I see is something like universal basic income, and I sure as shit don't want that, as it comes with its own array of issues.
Um... we live in Canada. We ain't taxing Bezos or Zuck a fucking dime, except maybe in super roundabout ways via Canadian corporate subsidiaries.
Plus the fucking guys created major services we all use daily. They've changed the world.
Not sure what else someone's supposed to do in order to earn the right to spend whatever they want flying above the earth.
Plus the fucking guys created major services we all use daily. They've changed the world.
Not sure what else someone's supposed to do in order to earn the right to spend whatever they want flying above the earth.
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Also, Amazon pays little corporate taxes because they plough all their profits back into the company as a result it’s a huge tax write off. All perfectly legal. Amazon doesn’t write the tax laws so blame the politicians who do write the laws but still bitch that Amazon isn’t paying their fair share.
I see you're an American.
Welcome.Higher minimum wage seems to be part of the answer, much as my free market upbringing chafes at the thought. Arguably it raises output costs and prices, but honestly it's negligible and Henry Ford always had a good point - my workers should be able to afford my cars.
Universal Basic Income is sort of interesting, but it gets pilloried every time it arises. Andrew Yang would have been interesting in NYC, but we'll never know.
It DOES seem to be true in the US that high COVID benefits has deterred service workers from returning. Maybe waiting tables always sucked, but it had a place and a role in the career paths of many newcomers to the workplace.
Literally the most memorable lesson from a corporate tax course I took. The people writing the tax laws know the loopholes - they wrote them in. If you don't use them, you're just being irresponsible with shareholder money.
My roommate at McGill was a student from a rich Singapore family. I like the Singapore Economic Model.
What is the Singapore model of economic development? on JSTOR
What is the Singapore model of economic development? on JSTOR
The point you ignore is that those loopholes only exist because the ruling class put them their for themselves.
They are not easily accessed, or even know by the working class.
Tax havens are immoral.
Last time you looked? Are Google searches that hard to do?
The highest personal rate is 22%
The corporate rate is a flat 17%
IRAS | Corporate Income Tax Rates
Tax Rates, Corporate Income Tax Rebates and Tax Exemption Schemes for both local and foreign companies.
Before you go raving about the tax situation in other regions, you have to look at them in much greater detail. Hong Kong also has low income, investment taxes and no VAT. Yet one of their main sources of revenue is selling or leasing land. The HK government actually owns most of it. In addition, HK's finance system is independent from the rest of China. So it's not sending anything to Beijing at least for now.
This scheme simply wouldn't work in Canada.
Education is the key to everything successful in life. I didn’t know about loopholes either until I learned. I learned because I wanted to ensure the best for every penny of my money. I had so little of it I had no choice to care for every cent.
but I agree. It is not my fault for using what is made available to me. Blame those in power and use your vote. That is what it is there for.
But everyone is afforded the same tax laws to use. So learn or don’t but that is on you.
Willingness to learn about finance, business and investing is the key. I know many people that have no interest in anything about investing or finance and they work in those fields. When my parents came here in the 1970's, they also had no clue about how to invest. My dad was basically forced to learn how to invest when his company pension changed over because his business unit was spun off as a separate company. He spent loads of time and money at The World's Biggest Bookstore (the internet of the day) invested small amounts and eventually did very well for the family.
Today's generation has it way too easy. Information is totally free and you can access it anywhere and anytime. The only thing you need to access these tax advantages is to have a willingness to learn. Sure, the working class might have a harder time getting at the information: no smart phone or computer, but those are still easily accessed and cheap.
I understand about business and finance... Please get off the high horse.
My point is the ruling class makes the rules to benefit themselves, and stick the little guy with the bill. You say " but its all legal". So was murdering Jews in Nazi Germany.
When corporations can write the laws that suit the needs, and pay politicians to rubber stamp them, then we have some problems.
And I am not talking write offer's. I'm talking about the major corporations that appearantly have a mailing address on an Island, and therefore don't pay taxes here. Legally. And it will never change because they can finance a politician much cheaper than their tax bill would ever be.
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Murdering Jews in Nazi Germany? What are you even talking about?
You're right that offshore addresses will always exist. What is there to complain about then? There's nothing you can do change that so you might as well learn to benefit yourself. That's Jenesis' point and I totally agree with it.
If you're have such a soft spot for the little guy, would you be willing to pay a lot more tax to help them? I think not.
My point is that financial and tax information is accessible to just about anyone. With some time, patience and hard work you can structure your life and business to reduce your tax burden as much as possible. Maybe you won't become part of the mythical "ruling class", but you can still benefit yourself. I am not suggesting it's easy by the way, but it starts with a willingness to learn.
The ruling class is voted in by the people. There are more regular people then corporations owners/share holders/ CEOs so voting in the right political party is easy. The regular Joe has the majority.
And there are WAY more legit business with addresses in their home country. But please list the all corporations with address in off shore countries. I’ll wait then we will compare with all the corporations that have addresses here.
But again, even that being the case, you can do the same. You can own a small home based business listed as a corporation l. You don’t have to make it a sole proprietorship. Everyone has the same advantages. And they have the internet as pointed out so learn.
How is it my fault that you don’t learn what you can and can not do? How is it anyone’s fault that you choose not learn?
THAT is your rebuttal???? Really?? No point to actually debate? No nothing? Just a lame attempt at an insult that doesn’t work at all. Lmao.
But let me get this straight. So because I do sex work on the side, or because I do sex work period, that somehow invalidates my opinion???? No sex worker can have an opinion because she sucks a dick for cash. Lmao. Ok booboo.
Methinks someone has their little pink panties in a bunch. Lmao.
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As far as I can see, Capitalism has taken more people out of poverty quicker than any system thus far ...... but I am willing to stand corrected if you can show me another system that has had more success ....
