When the gulf between the rich and the poor becomes too great

[Kxev]

@yinyang

Only salary-based or hourly-waged workers “save” their money.

I refute this statement. Everyone spends and saves their money differently.
The wealthy have the most flexibility. They can do whatever they want.
The poor - some live check by check. Not sure if we can save.
Middle have some options.

The system is so broken in many nations. Let’s make some adjustments.

[yinyang]

@anon16583342

I didn’t mean “save” as if they’re putting their money into a savings account.

Lower taxes on the wealthy does not create more employment, consumer spending or regained revenue. In other words, the money will keep accumulating at the top, it will not “trickle down,” certainly not long term. The ultra-wealthy are not the drivers of the economy.

The wealth gap can be reduced by cutting taxes for middle-and-lower-income earners, the true drivers of the economy.

Do you think that the ultra-wealthy have or use savings accounts? There are banks that offer private wealth advisors to consult the extreme rich on how to manage their money.

I never stated anything about lowering taxes on the wealthy. The employment rate or unemployment rate is based on the financial health of a country’s given economy. Consumer spending or the CPI (Consumer Price Index) is based on how each household consumes certain basic goods & services such as gasoline, food, telecommunications etc. Wealth accumulates at the top because the top people know how to increase the cash flow and yes, wealth does not trickle down. The ultra wealthy own the means-of-production, the land and infrastructure to firms that drives the economy.

There will always be a wealth gap in whatever country is compared. Loopholes in the tax system will always benefit the wealthy because they can afford to. Middle-an-low-income earners are not the true drivers of a country’s economy. An economy is based on government intervention, business firms and households.

[yinyang]

@Kxev

I refute this statement. Everyone spends and saves their money differently.
The wealthy have the most flexibility. They can do whatever they want.
The poor - some live check by check. Not sure if we can save.
Middle have some options.

The system is so broken in many nations. Let’s make some adjustments.

The rich do not save their money. Poor and working people save their earnings. The wealthy invest their money in other businesses, equities or other money driving projects.

You probably live cheque by cheque.

[crimby]

The wealthy have always held the reins of power, and my God, look at the brutal effrontery of the class system back in the old days, particularly among the clergy. There is probably the same ratio of rich and not so rich today, but the difference today is that technology and democracy have changed things for people at the bottom. The people at the bottom are still working very hard for not much money, and we should do what we can to help them, but that strata of society is so much better off now than it was in the past, due to improving technology and democratic institutions.

[Kxev]

@yinyang

You probably live cheque by cheque.

Yes I do.

I do not adore billionaires and corporations taking advantage of the tax system.

[Wave]

Billionaires like Bezos and Musk are running the show in the United States.