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There are Minimum Wages, Why Not a Maximum Wage?
(www.counterpunch.org)
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this post was submitted on 01 Nov 2024
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Work Reform
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A place to discuss positive changes that can make work more equitable, and to vent about current practices. We are NOT against work; we just want the fruits of our labor to be recognized better.
Our Philosophies:
- All workers must be paid a living wage for their labor.
- Income inequality is the main cause of lower living standards.
- Workers must join together and fight back for what is rightfully theirs.
- We must not be divided and conquered. Workers gain the most when they focus on unifying issues.
Our Goals
- Higher wages for underpaid workers.
- Better worker representation, including but not limited to unions.
- Better and fewer working hours.
- Stimulating a massive wave of worker organizing in the United States and beyond.
- Organizing and supporting political causes and campaigns that put workers first.
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Billionaires have very little taxable income. We need a wealth tax.
Billionaires don't have taxable income because they've successfully lobbied for carve outs that exempt them from taxation.
That's what makes a wealth tax impractical. How do you pass it through a Congress that's been wholely co-opted by a billionaire friendly caucus?
Chuck Schumer, the senior senator from Wall Street, isn't going to author a wealth tax. Kamala Harris, the former Senator from Silicon Valley isn't going to sign it. And the SCOTUS majority that's on the Harlan Crow payroll isn't going to uphold it.
Many also don't truly "pay" for things. They leverage debt against their assets, essentially like a fancy credit card that says "I own MegaCorp, you know I'm good for it, just send the bills to this wealth management firm".
So it's not out of the realms of possibility to say that a billionaire is actually spending very little money, ever. What they have is essentially gifts from whoever manages their assets, and that company just skims whatever things "cost".
IMO taxing wealth is what's needed, but it needs to be framed in a way that makes a billionaire want to invest in their country through high taxes. Make it a privilege that is praised, and ostracise those business that excuse themselves from contributing.
Also immediately redefine income more broadly. Tax law says it's one narrow thing, but in reality a lot of money comes in. Let the law march reality.
All countries would need to adopt it because now they can just register their company and summer resort under various identities in [insert tax haven here].
1% tax on all registered securities, payable in shares of those securities. First $10,000,000 owned by a natural person is exempted.
All securities collected in tax are resold by IRS liquidators in small lots over time, constituting no more than 1% of total traded volume of each security.