Well done! Thank you! However, I find the term "economic equity" to be confusing, inviting conflict, and ultimately counterproductive. I think "Equal opportunity for all" is more clear and accurate. Everyone should be treated equally under the rule of law regardless of wealth, status, influence, gender, or race. To achieve a level playing field (equal opportunity for all), economic freedom, economic growth, and economic efficiency, everyone must play by the same rules. For example, all individuals and businesses must pay the same tax rate, with no exceptions, tax shelters, loopholes, tax credits, offshoring, mega corporation subsidies, or any legal tax avoidance schemes (concocted by the wealthy - which is all members of congress). All passive income (the wealthy) and active income (the rest of us) must be subject to the same tax rate. Allowing billionaires and mega-corporations to pay lower tax rates than their competitors (medium and small businesses) is in essence a government (taxpayer) sponsored corporate welfare program. Such a program gives the obscenely rich an unfair advantage, enabling them to offer higher salaries to attract better talent, attract more investment by offering higher returns, invest more in the best facilities and machines, and offer lower prices. A simple tax system is also much more efficient, reducing government, bureaucracy, and the tax burden on the majority of individual and corporate tax-payers. Only when all market players large-or-small play by the same rules (tax rates and labor and environmental standards), can market freedom be achieved. When this happens, manufacturing and the middle class will return to North America (and possibly return to 1960's levels). Our current "free trade" policies which allow foreign firms to compete in the American market while playing by different rules is the equivalent of allowing one basketball team to use baseball bats in any manner they choose. The team with the baseball bats wins every time. The resulting exodus of American manufacturing, labor unions, and the American middle class over the past 50 years was predictable. Our forefathers knew better, would be ashamed, and would never have let this happen. If you want to understand why the 99% feel they are not better off than our parents' generation (and why - unlike the 1950's and 60's - all the money and property is now hoarded at the top, and no longer shared with the ones who do most of the work), you can start with our un-American tax scheme and un-American "free trade" policies, which work against our goals of equal opportunity for all, economic efficiency, economic stability (a large manufacturing sector = independence/self-reliance/control), economic freedom, and economic growth.
A fundamental question that so few people are prepared to answer: What is the economic goal or ideal outcome that your system is designed to achieve? How much wealth should be controlled by the lower third (working/lower class) of the population? How much wealth controlled by the middle third (middle class) of the population? How much wealth controlled by the upper third (upper class)? Do you want a system where most of the wealth is enjoyed by a few at the top? Or do you want the working class and middle class to control as much wealth as possible, benefitting the many? The latter will happen naturally if all market participants (all individuals and corporations, domestic or foreign) play by the same rules.
this was super helpful for an elearning project I have. Thanks Mr.Sinn!
Well done! Thank you! However, I find the term "economic equity" to be confusing, inviting conflict, and ultimately counterproductive. I think "Equal opportunity for all" is more clear and accurate. Everyone should be treated equally under the rule of law regardless of wealth, status, influence, gender, or race. To achieve a level playing field (equal opportunity for all), economic freedom, economic growth, and economic efficiency, everyone must play by the same rules. For example, all individuals and businesses must pay the same tax rate, with no exceptions, tax shelters, loopholes, tax credits, offshoring, mega corporation subsidies, or any legal tax avoidance schemes (concocted by the wealthy - which is all members of congress). All passive income (the wealthy) and active income (the rest of us) must be subject to the same tax rate. Allowing billionaires and mega-corporations to pay lower tax rates than their competitors (medium and small businesses) is in essence a government (taxpayer) sponsored corporate welfare program. Such a program gives the obscenely rich an unfair advantage, enabling them to offer higher salaries to attract better talent, attract more investment by offering higher returns, invest more in the best facilities and machines, and offer lower prices. A simple tax system is also much more efficient, reducing government, bureaucracy, and the tax burden on the majority of individual and corporate tax-payers. Only when all market players large-or-small play by the same rules (tax rates and labor and environmental standards), can market freedom be achieved. When this happens, manufacturing and the middle class will return to North America (and possibly return to 1960's levels). Our current "free trade" policies which allow foreign firms to compete in the American market while playing by different rules is the equivalent of allowing one basketball team to use baseball bats in any manner they choose. The team with the baseball bats wins every time. The resulting exodus of American manufacturing, labor unions, and the American middle class over the past 50 years was predictable. Our forefathers knew better, would be ashamed, and would never have let this happen. If you want to understand why the 99% feel they are not better off than our parents' generation (and why - unlike the 1950's and 60's - all the money and property is now hoarded at the top, and no longer shared with the ones who do most of the work), you can start with our un-American tax scheme and un-American "free trade" policies, which work against our goals of equal opportunity for all, economic efficiency, economic stability (a large manufacturing sector = independence/self-reliance/control), economic freedom, and economic growth.
Thanks
what statements that reflect America's seven economic goals of the nation?
A fundamental question that so few people are prepared to answer: What is the economic goal or ideal outcome that your system is designed to achieve? How much wealth should be controlled by the lower third (working/lower class) of the population? How much wealth controlled by the middle third (middle class) of the population? How much wealth controlled by the upper third (upper class)? Do you want a system where most of the wealth is enjoyed by a few at the top? Or do you want the working class and middle class to control as much wealth as possible, benefitting the many? The latter will happen naturally if all market participants (all individuals and corporations, domestic or foreign) play by the same rules.
Viva Wheeling Univeristy!