07 Sep '11, 1am

Taxes, Income Inequality and the fallacy of trickle down economics...

Someone brought my attention to this interesting video in the comments section. The only other developed country with comparable income inequality as Singapore is the USA. They have numerous social programmes to mitigate the effects of the income gap such as Medicaid for sick, unemployment benefits for the jobless, social security for the aged etc. Unfortunately, over the years the tax rate was cut as the income gap grew and the US govt borrowed heavily to spend on defense and these entitlement programmes. The American society became a divided one with the top 1% controlling 25% of the wealth and the top 25% controlling 84% of the wealth. The rich assert their political control and influence through donations to right wing politicians who promote tax cuts, cuts in social spending and increase in defense spending to appease the military industrial complex. Under George Bush...

Full article: http://singaporemind.blogspot.com/2011/09/taxes-income-in...

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