Who has, or had, the right idea?
The Chicago Tribune article titled, Who has the right idea about stiff wealth taxes? reported the pros and cons of tax ideas of the Democrat Debate candidates.
The Purpose of This Post
Is to provide an ancient observation to use as a clue to perhaps answer the question?
“He that loveth silver shall not be satisfied with silver; nor he that loveth abundance with increase: this is also vanity. When goods increase, they are increased that eat them: and what good is there to the owners thereof, saving the beholding of them with their eyes… All the labour of man is for his mouth, and yet the appetite is not filled” (Ecclesiastes 5:10-11 and Ecclesiastes 6:7).
18 I came to hate all my hard work here on earth, for I must leave to others everything I have earned. 19 And who can tell whether my successors will be wise or foolish? Yet they will control everything I have gained by my skill and hard work under the sun. How meaningless! 20 So I gave up in despair, questioning the value of all my hard work in this world. 21 Some people work wisely with knowledge and skill, then must leave the fruit of their efforts to someone who hasn’t worked for it. This, too, is meaningless, a great tragedy. (Ecclesiastes Chapter 11)
Wealth is worthless in the day of wrath, but righteousness delivers from death. (Proverb 11:4)
What’s My Point?
There are pros and cons to everyone about inequity of wealth. However, one thing in life is certain, everyone will die and their wealth will be useless to them.
However, modern economics in a capitalistic society understands that both lending and spending leads to job and wealth growth for both rich and poor. And incentives to gain wealth produce more comfort during a lifetime.
We also know that many Americans are religious and believe in charity and that they will be judged for their righteous behavior when they die. For example, when a person has bad luck in life and needs help, they believe they should help them by giving to charity.
We also know that there are some people who are lazy and do not want to work.
We also know that government can make foolish spending ideas that everyone, rich or poor, resent having to pay taxes to support by both rich and poor taxpayers.
So, what is the clue and answer to the above King Solomon observations made 3000 years ago?
What is the right answer to the clue of what is the right idea for wealth taxes in consideration of fairness, religious, and economics?
In My Opinion.
It is simple. Let everybody make as much money and choose to live according to their own choices.
Make everybody pay a set equal minimum tax percentage.
However, when everybody dies, only allow a set maximum amount be willed to their family.
And the rest of their wealth be used to pay off the National Debt.
This way, no one can complain about fairness or inequality, because they are dead.
As to how they will be judged by their Creator, an ancient proverb state this
Differing weights and differing measures– the LORD detests them both. (Proverb 20:10)
And in my opinion, once the rich understand this concept, some will start spending or giving away their money to charity. Others will keep gathering silver regardless as King Solomon observed.,
In either case, both their working a spending will provide even more jobs and consumer spending to spur the American economy.
Read the articles and previous post in the Source Links Below.
Should the USA repeat the same failed economic policy of Socialism?
Or should we make use of the ancient wisdom clues?
Should we make a decision soon before the National Debt defaults and collapses he savings and pensions of dreams of everyone rich and poor?
Regards and goodwill blogging
Megan McArdle Washington Post November 24, 2019
Economic Effects Ultra Rich Wealth Tax
Is Death Fair?
Ticking Time Bomb