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How can we become a better world after the coronavirus pandemic? Show more Show less
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Covid has inevitably created a recessionary crisis and Governments will be under intense pressure to restore growth. But if its growth at all costs And/or simply reverting to the way it was it will be a lost opportunity to seek a more equitable model. A model that is also attuned to the larger existential issue of climate change. Any new post Covid martial plan should focus on a progressive model the redressés much of what is faulty and unsustainable. If not, this pandemic will be a forewarning of even more turbulent times to come.

Reform capitalism Show more Show less

The dominant form of commerce is what got us here in many ways. We must reimagine this system to avoid externalities that cumulatively lead to catastrophic collapse.
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Increasing taxation on large corporations and the extremely wealthy will create a more financially balanced society

Trickle-down economics just does not work. By taxing the extremely wealthy and large corporations and reducing taxes on the middle class and the poor, more public services could be better funded and income inequality would decline

The Argument

Decreasing taxes on the wealthy and corporations in the hopes that they will then distribute their excess profits to their employees is a pipe dream that has failed time and time again. This method of taxation has only led to an increased wealth gap between the wealthiest people in society and everyone else. Corporations and individuals that make more than a certain amount in profits should be taxed accordingly. This is not to rid others of wealth that they may have worked hard for; it is merely enforcement of good citizenship by equal and equitable contributions to society so that as many people as possible can benefit from greater financial stability and higher quality of life. The COVID-19 crisis has highlighted the desperate need for governments to reform economic policy in order to create a more stable financial environment for all citizens. The only alternative is to stand by and watch as millions suffer under crippling debt and increasing unemployment and poverty. [1][2][3]

Counter arguments

It is not a good idea to increase taxes on corporations, as this increase will only cause them to export jobs and production overseas. It has been seen time and again that companies will simply pack up their manufacturing and instead of producing within their country of origin, will simply export hundreds of jobs to countries with lower corporate tax rates. This has had a hugely negative impact on the American economy. In addition, taxing wealthy individuals more is simply a punishment for being wealthy, which is just short of communistic and therefore, completely un-American. [4][5][6]

Proponents

Premises

Rejecting the premises

References

  1. https://www.cnbc.com/2019/10/14/bernie-sanders-would-raise-corporate-tax-rate-to-35percent-ban-stock-buybacks.html
  2. https://www.fastcompany.com/90553471/the-pitchforks-are-coming-if-we-dont-reform-capitalism-says-davos-founder
  3. https://www.bloomberg.com/news/features/2020-09-30/imf-s-kristalina-georgieva-says-covid-19-crisis-is-a-chance-to-fix-capitalism
  4. https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968
  5. https://www.pbs.org/newshour/show/corporations-go-overseas-avoid-u-s-taxes
  6. https://thefederalistpapers.org/us/bill-de-blasio-goes-full-communist-help-tax-wealthy-help-redistribute-wealth-help-build-affordable-housing-white-communities

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This page was last edited on Monday, 5 Oct 2020 at 01:21 UTC

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