The super wealthy want us to think if they pay fair taxes it will take them out of prosperity and effect business which will lower wages. It will not, billionaires can pay more taxes and thier businesses will be fine and they will still be super rich. Almost all of them pay the least they can to employees no matter how much taxes they pay.
You might be asking yourself, what is this 1% hype all about lately? It spawned the protests/riots in Wall Street and many other cities around the US in the last couple weeks and it has economists and pseudo geniuses like myself seriously worried about the future of our society. I am sure you are well aware of communism and the slippery slope it can be for societies. I fear from the lack of proper regulation and action our capitalist system will soon have the same stigma or worse. The main reasons that communism is bad is that it overlooks the human nature of greed and chain of command which in turn inevitably causes chaos. Meaning at some point someone or one’s is going to want more and if they cannot earn it they will find other ways to get it, like violence and thievery. On the other hand, allowing people to take as much as they want in a purely capitalist society has even more detrimental effects in the long run as we are seeing now. There is a huge myth that banks ruined our economy by bad lending, this is not true. The money is still here in fact […]