Growing income inequality and public displays of billionaire power are increasing calls for new income and wealth taxes aimed at the world's richest individuals. Can wealth ever be taxed fairly?
The wealthy have the choice of when they pay taxes by arranging their disposals, finding loopholes or lobbying. Normal people, especially employees, have no real say on when they pay taxes or how much - they are deducted when they are paid or are taken when paying for the things they need.
One side has the resources to pay more tax than the other but can arrange their affairs to pay less or pay when it suits them. Yet somehow the argument is that you cannot tax illiquid wealth, that wealth funds investment or that or is unfair. What about the normal tax payers who struggle to pay rent, buy a house, buy food, buy childcare etc.
The truth is, the wealthy can afford to pay taxes at the level and timing that suits society rather than themselves. We can find a way to make that tax as fair and useful as possible but the main thing is to get the money from them to help society.
The wealthy have the choice of when they pay taxes by arranging their disposals, finding loopholes or lobbying. Normal people, especially employees, have no real say on when they pay taxes or how much - they are deducted when they are paid or are taken when paying for the things they need.
One side has the resources to pay more tax than the other but can arrange their affairs to pay less or pay when it suits them. Yet somehow the argument is that you cannot tax illiquid wealth, that wealth funds investment or that or is unfair. What about the normal tax payers who struggle to pay rent, buy a house, buy food, buy childcare etc.
The truth is, the wealthy can afford to pay taxes at the level and timing that suits society rather than themselves. We can find a way to make that tax as fair and useful as possible but the main thing is to get the money from them to help society.