Is outlined here: Taxing the Wealthy Sounds Easy. It’s Not. – The New York Times.
It’s worth a read. It’s thoughtful, even if you may not agree with it. Also, just because something is not easy does not mean do not attempt it.
Taxing drives behaviour. My thought is drive behaviour in the right direction. Tell affluent people to use their wealth in directed ways that improve our society or tax them so that it can be done. If they disagree, then it is time to make explicit the social contracts in place and ask what has to be changed to make for a better society. Because for most societies in the world, including Canada’s, the social contract can be a lot better.
Arguably they are the ones in this article: I read the 8 best business books of all time—here’s what I learned. If you want to know what they are and get a synopsis, read that piece.
If you are daunted and dismayed with the impossibiity of saving for retirement, then read this.
A few thoughts:
- It’s written for Americans, but it works just as well for Canadians. (Replace 401K with RRSP).
- You may still not be able to retire, but the more you save, the more cushion you have for later.
- It may help you get to sleep at night when your brain starts saying: you are doomed to die old and poor!
Two links worth reading on Finland and UBI: this one and this one.
Essentially, Finland did a form of UBI and it didn’t work. Those for UBI will argue it was implemented poorly. Those against UBI will argue those people are purists and in fact UBI will never work.
I think there are limits to UBI, but the Finnish implementation was poor. I think it can be done better than that. Read the two pieces in the New York Times and decide for yourself.
You will hear anecdotes of people doing so, but in reality:
While everyone seems aware of a handful of high-profile millionaires decamping to low-tax states for tax reasons, in truth few move in response to state tax rates. Young examined tax data from every millionaire in the United States over thirteen years. He found that, even over that long time horizon, only 0.3% of all millionaires, on net, moved to a lower tax state. A larger share—about 2.5 percent– move from one state to another each year, but most do not migrate for tax reasons.
That quote is from: What Republicans and Democrats Can Learn from “The Myth of Millionaire Tax Flight” | Tax Policy Center.
Remember this the next time someone is arguing that higher taxes will cause the well off to move elsewhere.
(Image via pexels.com)
Posted in money
Tagged money, policy, taxes
While all the hype might make you think that Bitcoin is the only cryptocurrency, there are a number of alternatives out there and this piece in Fortune outlines what they are: 5 Bitcoin Rivals That Are Rapidly on the Rise.
While this piece lists a handful, I expect that there will be a flood of such things in the future as financial markets look to capitalize on this mixture of money and technology.
The Fortune piece is also not bad in summarizing some key facts about Bitcoin if you still find it hard to get your head around it.
I expect Bitcoin to crash to a much lower level, but I don’t see cryptocurrencies going away. Knowing more about them, especially because they could have a major impact on global economies, is worthwhile.