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it's been a while since i posted something from the sudden-debt blog, but i liked this one-jk:
Saturday, September 19, 2009
More Taxes, Anyone?
Since the subject has been taxes for two posts running...
Four decades of unbridled voodoonomics like Friedman's old "the only social responsibility of business is to increase its profits" and more recent neo-liberal screeds, have turned Americans into "Just Say No's" when it comes to taxes.
For them, the following facts about Denmark:
...and yet...
Obviously, low taxes don't make for an enviable economy and it follows that lowering taxes does not make for infallible public policy, as Bush II and his incompetent gang proclaimed.
Now, no one enjoys paying taxes, and I'm sure Danes don't, either. But if tax revenues are demonstrably used for the greater benefit of the entire society - as apparently they are in Denmark - people will pay them with a great sense of civic duty and pride.
So, let's come to America. How can anyone justify the immense expenditure of public money to support the continued existence of a financial system that is based on little more than gambling? Unlike the Danes, what are Americans to expect for their $13 trillion in direct bailouts and guarantees to the likes of AIG? A better living standard, less pollution, increased energy security, better health and social security services? Hardly.
Instead, we are comforted to know that Goldie, Morgan et. al. are on track to pay record-breaking bonuses this year. Sorry, but this is insane.
Here's a suggestion: any bonus in the financial sector over, say $50,000, to be taxed at 95%. Confiscatory, you say? Are we kidding? Recipients of such bonuses should be ecstatic to keep 5% of any such money they got, since it came directly from the public, or was made possible only because of public guarantees.
http://suddendebt.blogspot.com/2009/...es-enyone.html
Saturday, September 19, 2009
More Taxes, Anyone?
Since the subject has been taxes for two posts running...
Four decades of unbridled voodoonomics like Friedman's old "the only social responsibility of business is to increase its profits" and more recent neo-liberal screeds, have turned Americans into "Just Say No's" when it comes to taxes.
For them, the following facts about Denmark:
- Denmark has the rich world's (OECD-18) second-highest total taxation burden at 48.8% of GDP (USA at #17 at 29.6%).
- It probably has the highest environmental and energy taxes of any country.
- There are taxes on drinking water and the disposal of waste water.
- Every company pays waste disposal charges and households are charged for garbage collection.
- Packaging is taxed.
- Danes pay 25% VAT (Value-Added Tax) on all goods and services.
...and yet...
- Forbes magazine - you know, the Capitalist Tool - just rated Denmark as the #1 country in the world for business. For the second year in a row.
- Economist magazine just did the same and added that this is to be so for another five years.
- Danes are #1 in life satisfaction (USA #11).
- Since 1980 Danish GDP has grown 70% while total energy consumption has remained flat.
Obviously, low taxes don't make for an enviable economy and it follows that lowering taxes does not make for infallible public policy, as Bush II and his incompetent gang proclaimed.
Now, no one enjoys paying taxes, and I'm sure Danes don't, either. But if tax revenues are demonstrably used for the greater benefit of the entire society - as apparently they are in Denmark - people will pay them with a great sense of civic duty and pride.
So, let's come to America. How can anyone justify the immense expenditure of public money to support the continued existence of a financial system that is based on little more than gambling? Unlike the Danes, what are Americans to expect for their $13 trillion in direct bailouts and guarantees to the likes of AIG? A better living standard, less pollution, increased energy security, better health and social security services? Hardly.
Instead, we are comforted to know that Goldie, Morgan et. al. are on track to pay record-breaking bonuses this year. Sorry, but this is insane.
Here's a suggestion: any bonus in the financial sector over, say $50,000, to be taxed at 95%. Confiscatory, you say? Are we kidding? Recipients of such bonuses should be ecstatic to keep 5% of any such money they got, since it came directly from the public, or was made possible only because of public guarantees.
http://suddendebt.blogspot.com/2009/...es-enyone.html
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