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Old 09-02-2019, 09:23 AM
Wrenching Spanners is offline
Join Date: Jun 2011
Location: London
Posts: 538
Originally Posted by Mijin View Post
Yeah a lot of misconceptions on wealth in general but also in this thread, including I think the OP.

Basically the liberal position is just that:

1. Corporations should pay taxes, particularly successful companies like Amazon
2. Society needs a certain amount of taxation to function, and it makes sense to take proportionally more of that from the rich; they can afford to contribute more without it affecting their lifestyle significantly.

The above two concepts are extremely popular among the general public, so that's why the liberal position has to be misrepresented as an attack on success or whatever.
Just to make a quick note, income is money that I earned this year. Wealth is the accumulation of money that I earned in the past that I haven’t spent, or that I’ve spent on assets such as shares or property.

Since you’re defining the liberal position, do you agree with the following statements?
• People should be allowed to keep the majority of the income they earn.
• Wealth, which is different than income as noted above, should not be taxed.
• Unrealised gains should not be taxed.
• Some people are good at, and enjoy, making money. Absent other information about wrongdoing, there is nothing inherently wrong with these people.
• The creation of new wealth is chiefly through innovation and not exploitation.
• Corporations should be taxed on their domestic income* and not on revenue.

I define myself as a conservative, or at least centre-right, and I believe in the principles behind each of those statements.

Also, while this is not a principle, I think that a lot of liberals think that taxing the ultra-high income earners a few percentage points more will reap a huge tax bonanza. Any meaningful income tax increase is going to have to hit the upper middle class.

*For global corporations, it probably is necessary for governments to take a restrictive definition of domestic income. For example, licensing software or intellectual property from Barbados in order to avoid taxes should be restricted.