Tax the rich, help the economy
By taxing the rich the money that is parked in the accounts of billionaires will slowly percolate into the market. When the richer get richer, the solid money in the day-to-day transactions are becoming much leaner. Extra taxation should not be on income but on dead money or parked money in the banks. I think that this should be raised quite high. Anyhow, this money is understood that it is not a very urgent source and in return the government should provide minimum interest loans to them if they face any crisis. This interest should be inversely proportional to the tax amount they paid. This will bring the money into market. It will bring about more new projects, more innovation, solutions and better lifestyle and health. This will even reduce terrorism when people have good access to money!
From Mr Jay
UAE
Not through taxes
I would suggest a standard pay scale for all job profiles regardless of the candidate’s gender, nationality or education. There ought to be better governmental benefits like health insurance and free education to help middle income citizens. I don’t support imposing taxes on the higher earners because then they are left to accommodate to normal standards of living although they earn higher.
From Ms Soumiya Hussain
UAE
Teach children
A sound economy is the result of efforts from all levels. I am no businessman, but with simple statistics, we see that entrepreneurs should have motivation to help society, human kind and the ecosystem as a whole.
Many parameters affect society and I would like to emphasise on one parameter that I find more important than others. Society comprises of individuals who play an important role in forming a healthy economy. Children make the future economists, businessmen and entrepreneurs. Focus has to be towards developing and nurturing young adults to become entrepreneurs with a sense of responsibility towards the economy, people and society. This comes with injecting honesty, ethics and values into children from a young age, along with education, self reliability and self confidence.
It is time we stop exposing children to aggression, fear, anxiety and ruthlessness through movies and games. Instead we need to cultivate a sound culture for a sound economy.
From Mr Ramaprasad Macharlu Srinivasamurthy
UAE
Rules and regulation
This is an international truth that unfair distribution of wealth is the cause of a slow economy or fall of an economy. It is not the solution that only rich people pay tax. Tax payments should be mandatory for all the people who are earning according to defined slabs. The regulatory authority should make sure that tax amounts are properly obtained and used. Where a country will be a welfare country, then her economy will grow. The main thing is that how the mechanism is strong with a country’s rule and regulation. We can never finish crime or corruption, but we can try our best to reduce its occurrence in any society depending on what are the laws and how the laws are implemented.
From Mr Tariq Jaffar
UAE
Reduces income inequality
The high tax on the rich or flat tax I really support, but the benefits and whether it’s a wise decision depend on a government’s system. It can lead to a welfare state whereby the government will have enough revenues that can be used to invest in the nation’s infrastructure. The government will be able to reduce income inequality whereby citizens in financial and social need can be offered grants, pensions and other benefits so that they improve their income. In a nutshell, since income inequality slows the economic growth, yet the state needs money to speed up the economy, our brothers need to let them incur higher taxes because they are a good source of revenue.
From Mr L. B.
Lwengo, Uganda
Become a welfare state
I think that imposing higher taxation on the rich is one of the positive moves to make, but at the same time they should consider lowering taxation on individuals. Apart from this policy, individual governments should have strict policy on price control in order to be a welfare state.
From Mr Qassim Mohammad
UAE
Increase regulations
Income inequality definitely impacts the economic growth of any country be it the UK, the US or any developed or developing country. Unfortunately the bitter fact is that in most parts of the world, this gap is increasing and the rich are becoming richer and poor are becoming poorer. Certain measures need to be put in place to narrow this gap like there should be minimum salary benchmarks for any skilled or unskilled professions. The purchasing power of the low income people should be encouraged by giving them subsidies or heavy discounts. On the other hand, imposing more taxes on the rich could be one way to accelerate economic growth.
From Ms Madhu Madan
Dubai
Poor getting poorer
It is true that a wider wealth gap hampers economic growth. When the recession struck, it was the mass of middle class that got wiped out economically. Everyday operations like supermarkets, schools, shopping malls, residential units and car sales took a direct hit. The super rich remained and continued to shop. The poor are getting poorer. No matter what is said and done, our cries will continue to fall in deaf ears.
From Mr Jameel Khan
UAE
Purchasing power
The taxation proposal may not solve the problem. The basic problem of purchasing power leads to an economic slow down. Income should be reasonable to all so that the purchasing powers will increase and the growth can be seen. Vast disparity is not good.
From Mr Ragavan Krishnamachary
UAE
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