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Inequality: Difference between revisions
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=== Tax rates === | === Tax rates === | ||
The majority of government taxes are based on income<ref name=":0">https://treasury.gov.au/review/tax-white-paper/at-a-glance#:~:text=The%20major%20sources%20of%20state,of%20local%20government%20tax%20revenue.</ref> not existing wealth. So someone like Jeff Bezos or Elon Musk might have a gajillion dollars in shares but as they havent been sold, there is no income and therefore no tax. Putting this aside for a moment, let's have a look at income taxes around the world. | The majority of government taxes are based on income<ref name=":0">https://treasury.gov.au/review/tax-white-paper/at-a-glance#:~:text=The%20major%20sources%20of%20state,of%20local%20government%20tax%20revenue.</ref> not existing wealth. So someone like Jeff Bezos or Elon Musk might have a gajillion dollars in shares but as they havent been sold, there is no income and therefore no tax. Putting this aside for a moment, let's have a look at income taxes around the world. | ||
Most income tax rates are progressive meaning someone earning <$10,000 should, quite rightly only pay a small percentage of their income to the government whereas someone in the next bracket say $40,000 should pay a slightly higher tax and someone above this would pay even higher. There are two major issues here: | Most income tax rates are progressive meaning someone earning <$10,000 should, quite rightly only pay a small percentage of their income to the government whereas someone in the next bracket say $40,000 should pay a slightly higher tax and someone above this would pay even higher. There are two major issues here: | ||