Eugene Patrick Devany commented on Fr. Jonathan Morris Foxsplains Pope's Comment Re 'Redistribution Of Wealth'
2014-05-17 19:34:44 -0400
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The economic benefits that need to be shared include work. This concern for work was clear from the Joy of the Gospel and the section on the Economy of Exclusion written by Pope Francis.
The phrase redistribution of wealth seems to be conflated with a wealth tax such as that discussed by Thomas Piketty, author of “Capital in the Twenty-First Century".
Pope Francis is not endorsing any political solution and is simply condemning the failure of governments to have any workable means of providing a family with a life-sustaining share of wealth and work. The trickle-down economic theories have never worked for those at the extremes of the economy and that is why some government intervention is needed.
The real scare may come from the realization that a wealth tax might be a better way to tax workers if it offers a low income tax rate (i.e. 8%) to those who choose it and a high income tax rate (i.e. 26%) to those who do not want to pay a tax on their accumulated wealth. Those with low net wealth (including those with student loans, large mortgages or credit card debt) could elect a wealth tax that requires little (or nothing) of them. The benefit of a very low income tax rate (and no payroll taxes) would increase consumer spending and encourage employment.
The phrase redistribution of wealth seems to be conflated with a wealth tax such as that discussed by Thomas Piketty, author of “Capital in the Twenty-First Century".
Pope Francis is not endorsing any political solution and is simply condemning the failure of governments to have any workable means of providing a family with a life-sustaining share of wealth and work. The trickle-down economic theories have never worked for those at the extremes of the economy and that is why some government intervention is needed.
The real scare may come from the realization that a wealth tax might be a better way to tax workers if it offers a low income tax rate (i.e. 8%) to those who choose it and a high income tax rate (i.e. 26%) to those who do not want to pay a tax on their accumulated wealth. Those with low net wealth (including those with student loans, large mortgages or credit card debt) could elect a wealth tax that requires little (or nothing) of them. The benefit of a very low income tax rate (and no payroll taxes) would increase consumer spending and encourage employment.