The ultra rich businessmen benefit a lot from the: · Scientific and technological advances of the past, research output from universities etc. · Communication and transport infrastructure built over centuries · Safety provided by the government for their immense wealth · Access to cheap natural resources · A ready supply of highly skilled manpower often provided by subsidized education. · Global supply chains supported by trade agreements · Well-developed Financial markets for funding And so, the ultra-rich need to contribute taxes commensurate with their use of the enabling economic infrastructure and the security that is provided for their immense wealth. The multiplier effect: An example of the effect...
Why Communism failed At the outset, let me just say that unchecked Capitalism does not work, leading to monopolies and oligarchies and extreme inequality. It is incumbent on the government to ensure that the economic benefits are distributed fairly and flows (not trickle) to all sections of the population. This needs to be done thru what I call as Welfare Capitalism. Some may call it democratic socialism, but I prefer not to use the word socialism, as many people fear the word s ocialism due to constant fear mongering by powerful media and due to varying interpretations, especially one where socialism means no private ownership of anything. Welfare Capitalism would entail a market economy with: Progressive taxation - the more you earn, higher the tax rate Wealth tax on extreme wealth and Inheritance tax Ensure affordable food, education, housing and healthcare for all. Subsidize as needed Protect workers rights in terms of reasonable work hours, liveable wages etc...