This new Labour administration's "Soak the rich" policies hit the incomes of talented, hard-working people, of which this country has too few. This is harmful and immoral.
What I don't like is the balance-sheet inequality where the wealthiest 1% of households hold 20% of the nation's total household wealth - a concentration that has been increasing since the early 2000s. In contrast, the bottom 50% of households possess only about 9% of the total wealth.
I also do not like a democratic system where rich individuals contribute to campaign funds and expect in return, favorable treatment from a new administration.
And corporate social responsibility CSR initiatives hit corporations, but not the wealthy one percent behind them.
However, some billionaires do respond to the call. For example, Bill Gates and Warren Buffett's "Giving Pledge" is a commitment by billionaires to give away a majority of their wealth to philanthropic causes. It isn’t tied to government projects, but it sets a cultural precedent for wealth sharing.
Or Andrew Carnegie’s philanthropy: an industrialist in the late 19th century, Carnegie funded libraries, universities, and cultural institutions across the U.S. and the U.K. He believed the wealthy had a moral obligation to give back.
I believe, even in these cynical times, the wealthy have a moral obligation to give back to the society that made their wealth possible and I would like to see the wealthy "encouraged", or shamed, to fund projects (preferably during their lifetime) that benefit society, increase the nation's quality of life, such as infrastructure, education, healthcare, or defense.
This is not just a moral project in the national interest, but is far more sensible than kitchen sinking massive tax rises at the start of this administration, which will only lead to inflation by the end and sink their hopes of re-election.
0 comments:
Post a Comment
Keep it clean, keep it lean