Thursday, August 18, 2011

Unequal society

 One of my blog readers has sent me this link about the unequal society.    It was written in Vanity Fair magazine.   That reader directs us to Page 5 of that article.  

This is certainly worth reading and thinking about.

Our New Zealand figures are not much behind.  

The lnk above starts with to following including the headline: 

Of the 1%, by the 1%, for the 1%

Americans have been watching protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret.
I think we need to look very seriously at inequality and with it taxes.  We know that some of our richest pay little or no tax.    The business man who sued his accountant for not advising him correctly which meant he paid $NZ4,000,000 too much tax, had the court direct the accountancy firm to pay him that amount, which they could get from their insurance.  This is pure tax avoidance and just reinforces that current picture where those on salaries and small incomes still pay the most tax per dollar earned.

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