Wealth inequality is a global crisis and taxing the super-rich is a pathway to saving the planet from environmental catastrophe.

The planet's wealthiest people are putting Earth on a countdown to extinction. Wealth inequality is a global crisis and taxing the super-rich is a pathway to saving the planet from environmental catastrophe, writes Robert Gordon.

We can save the small remaining part of nature which can be saved and make Australia egalitarian again, by taxing the rich according to Northern European norms (inheritance and wealth taxes) and raising welfare support by 60% to the OECD average.

Red meat production is causing environmental pollution and global warming.

Great big new wealth and inheritance taxes. Intelligent, humane people would plan for the planet to thrive for a few more million years.

  • JackGreenEarth@lemm.ee
    ·
    1 year ago

    How much are the rich already taxed in Australia, in the UK 60% of income tax is garnered from the top 10%.

    • geomusicmaker@lemmy.ml
      ·
      1 year ago

      You're making the mistake of thinking "the rich" we're talking about here pay income tax at all. If you pay income tax, no matter which bracket, you're not rich. You're part of the working class.

    • Treevan 🇦🇺@aussie.zoneM
      ·
      1 year ago

      Plenty of stories about multinationals skipping on paying tax though...

      High income earners in Australia are subject to progressive tax rates. The tax rates for the 2023-24 financial year are as follows[5]:

      • 0 - $18,200: Nil tax
      • $18,201 - $45,000: 19 cents for each $1 over $18,200
      • $45,001 - $120,000: $5,092 plus 32.5 cents for each $1 over $45,000
      • $120,001 and above: $29,467 plus 37 cents for each $1 over $120,000

      It's important to note that these rates are subject to change and may vary depending on individual circumstances. Additionally, high income earners may also be subject to the Medicare levy, which is a 2% levy on taxable income[3].

      Please consult with a tax professional or refer to the Australian Taxation Office (ATO) for the most up-to-date and accurate information regarding tax rates for high income earners in Australia.

      Citations: [1] https://www.forbes.com/advisor/au/personal-finance/how-much-tax-do-i-pay-in-australia/ [2] https://www.superguide.com.au/how-super-works/income-tax-rates-brackets [3] https://en.wikipedia.org/wiki/Income_tax_in_Australia [4] https://au.finance.yahoo.com/news/ato-reveals-how-much-tax-the-rich-pay-003025028.html [5] https://www.ato.gov.au/Rates/Individual-income-tax-rates/ [6] https://www.theguardian.com/australia-news/2023/may/16/stage-three-tax-cuts-cost-blowout-predicted-with-the-wealthy-and-men-to-benefit-most