this post was submitted on 16 Aug 2023
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Aussie Enviro

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The super-rich are getting away with murder (independentaustralia.net)
submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]
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The planet's wealthiest people are putting Earth on a countdown to extinction. Wealth inequality is a global crisis and taxing the super-rich is a pathway to saving the planet from environmental catastrophe, writes Robert Gordon.

We can save the small remaining part of nature which can be saved and make Australia egalitarian again, by taxing the rich according to Northern European norms (inheritance and wealth taxes) and raising welfare support by 60% to the OECD average.

Red meat production is causing environmental pollution and global warming.

Great big new wealth and inheritance taxes. Intelligent, humane people would plan for the planet to thrive for a few more million years.

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[–] [email protected] 6 points 1 year ago (1 children)

It's honestly exhausting to keep seeing people come so so close to the correct conclusion and then chicken out right before it comes the time to say it out loud: capitalism is the problem, and it has been designed to be reform-resistant.

We're past taxing the rich, it is time to end the system that enables and encourages people to hoard that much wealth and power in the first place.

Billionaires shouldn't exist, and the fact that they do is an indictment of the system, not something to try and preserve (it's never going to be you!).

[–] [email protected] 1 points 1 year ago

Capitalism with strong free market provisions (very few meters and acquisitions and actively breaking up large companies) + wealth taxes etc. is a very good system. People are greedy, and any system of governance needs to use that to its benefit.

Communism is decent in theory but results in stupid amounts of corruption in practice as you need some people with disproportionate power to administer the system.

Capitalism does tend towards concentration of wealth, and fails when markets become too concentrated (e.g. The gas market or supermarket duopoly in Australia). However, wealth taxes and properly powerful competition bodies can prevent that.

[–] [email protected] 3 points 1 year ago (1 children)

Destroying humans' only home just so you can hoard more wealth than you will ever need.. honestly it seems like a mental illness.

If these people were destroying their own home to hoard newspapers we would see it for what it is, but because of the scale, we can't.

[–] [email protected] 2 points 1 year ago

It is, it's an addiction

[–] [email protected] 1 points 1 year ago

https://onezero.medium.com/survival-of-the-richest-9ef6cddd0cc1

[–] [email protected] 1 points 1 year ago

Eat'em! Season'em up, slap'em on the grill and nom nom nom!

[–] [email protected] 1 points 1 year ago* (last edited 1 year ago)

Red meat production is causing environmental pollution and global warming.

surprised-pika

[–] [email protected] -1 points 1 year ago (3 children)

How much are the rich already taxed in Australia, in the UK 60% of income tax is garnered from the top 10%.

[–] [email protected] 1 points 1 year ago

You're making the mistake of thinking "the rich" we're talking about here pay income tax at all. If you pay income tax, no matter which bracket, you're not rich. You're part of the working class.

[–] [email protected] 1 points 1 year ago

How much wealth do that 10% control? Much more than 60% I bet.

[–] [email protected] 1 points 1 year ago

Plenty of stories about multinationals skipping on paying tax though...

High income earners in Australia are subject to progressive tax rates. The tax rates for the 2023-24 financial year are as follows[5]:

  • 0 - $18,200: Nil tax
  • $18,201 - $45,000: 19 cents for each $1 over $18,200
  • $45,001 - $120,000: $5,092 plus 32.5 cents for each $1 over $45,000
  • $120,001 and above: $29,467 plus 37 cents for each $1 over $120,000

It's important to note that these rates are subject to change and may vary depending on individual circumstances. Additionally, high income earners may also be subject to the Medicare levy, which is a 2% levy on taxable income[3].

Please consult with a tax professional or refer to the Australian Taxation Office (ATO) for the most up-to-date and accurate information regarding tax rates for high income earners in Australia.

Citations: [1] https://www.forbes.com/advisor/au/personal-finance/how-much-tax-do-i-pay-in-australia/ [2] https://www.superguide.com.au/how-super-works/income-tax-rates-brackets [3] https://en.wikipedia.org/wiki/Income_tax_in_Australia [4] https://au.finance.yahoo.com/news/ato-reveals-how-much-tax-the-rich-pay-003025028.html [5] https://www.ato.gov.au/Rates/Individual-income-tax-rates/ [6] https://www.theguardian.com/australia-news/2023/may/16/stage-three-tax-cuts-cost-blowout-predicted-with-the-wealthy-and-men-to-benefit-most