Friday, October 1, 2010

Tax on "super rich"

There is a report that Taiwan is considering to introduce a tax on the "super rich". This tax is imposed on purchase of luxury home, cars and other items.

I prefer to have a high rate of tax based on extremely high income. There is no need to have bankers, lawyers, doctors and corporate executives earning several million dollars a year. Their earnings are the fees that are paid by their customers, who are not rich people, and may not be aware about the high fees that are being charged or are being sold bad investments at inflated prices.  The high rate of tax will discourage them from earning too much, and will be good for the people in general. A high rate of tax will encourage ethical behavior.