The greater the difference between the population and its wealth, the larger the wealth gap. Taxing the rich can also be justified on moral grounds, if it is used as a form of wealth redistribution, with the tax money raised being used to aid the poorest sections of the population. Accessed January 9 2019. Roth's new wealth paper — entitled "How downward redistribution makes America richer: An empirical, 'money view' model of spending, wealth concentration, and wealth accumulation" — should help spur just the sort of robust dialogue and debate we so desperately need, the dialogue and debate our political champions of trickle-down so . Economists or Governments adopt economic policies and strategies like progressive taxation to implement this phenomenon. What would happen if the government redistributed until we all got the same income no matter what? Those who overthrow the government are redistributing the power. Charging a mere 1K per acre per month would double KRAs haul of tax money every year. 8. That happened in the 70s. In other . This raises grave consequences such as societal and political . What if that actually happened and all domestic Gallup began asking this question again in 1998, and found Americans . The federal government is now spending at a rate of $3.5 trillion per year on thousands of redistribution programs, which equates to $9.8 billion per day. Initially we are delighted because within a few months of real-world time, we have a dramatically more equal distribution of wealth with a Gini index approaching present-day USA (not that this should be our target, of course): "Global Inequality - Inequality.Org". When we did - and I became the first woman to serve as White House press secretary - it changed my life. Wealth redistribution is not just a bad thing—it is at the core of the current economic crisis. The wealth gap is the difference in wealth between the economic classes. Why in the h e double hockey sticks have we the people let this happen. Q: If the wealth earned by all 7.5 billion human beings was distributed equally amongst everyone, how much would I be given? "What Would Happen If We Redistribute Wealth Equally To Everyone?". Opinion: Cryptocurrency and Wealth Redistribution. That is almost $3 billion per day more . Increasing opportunities. Accessed January 9 2019. October 14, 2018, 8:26 AM. Suppose a nation protests a present government, and steals the power. It's an interesting scenario, which I tried to imagine a […] @SenSanders @AOC — Antony Davies (@antonydavies) February 1, 2019 We shouldn't tax the rich more . 2019. inequality.org. 05-15-2014, 03:40 PM petch751 : 41,059 posts, read 23,909,155 times Reputation: 13844. Here's an idea: we should redistribute wealth from the largely white 1 percent to the poor and working class of all races — tackling both racial and class inequality simultaneously. To elaborate on the meaning of redistribution effects assume that credit is denominated in dollars. And, possibly more important, if all the food produced in a single year . There are those who advocate redistribution of wealth so that the rich, the poor and the middle class all have financial equity. In my mind, this information should force us to be more clear about what exactly we are trying to achieve when we talk about closing the racial wealth gap. Rich and upper middle class (UMC) tend to have broad networks of loose connections, or 'weak . For many years in this country it was understood that as worker productivity rose . "Global Inequality - Inequality.Org". Those who overthrow the government are redistributing the power. More than 75 years ago, at the tail end of the Great Depression, the Roper research organization and Fortune magazine asked Americans about "heavy taxes on the rich" as one method of redistributing wealth, and found one-third (35%) agreeing that the government should do this. ? We also understand that wealth taxes can be thought of as a tax on rates of return. all those socialist wanting the other people money are missing one thing. If all wealth was equally distributed, in a scenario where everyone agreed to this redistribution so it would have no opposition at all, and by wealth, it means all the properties, cash, investments, and business equity would be divided equally. Jacobs, Sarah, 2018. First, let's define fairness. 1 they'd be broke within a few years. Income redistribution will lower poverty by reducing inequality, if done properly. Yes, We Should Implement a Wealth Tax. I believe the median should be much closer to the mean. Bill Clinton golfing with his wealthy friends on August 5, 2000, in Martha's Vineyard, MA. Unlike taxation and any other officially enforced order or private philanthropic activity to redistribute the social wealth, the redistribution of wealth increase through inflation happens . The 550 US billionaires together are worth $2.5 trillion. Wealth redistribution is not just a bad thing—it is at the core of the current economic crisis. Pedro Febrero. This occurs despite the fact that all households have identical patience and skill. We can also see in the last four to five years, from his policies, that redistribution of wealth is exactly what he is trying to do in this nation. When I joined Bill Clinton's start-up presidential campaign in 1991, I was confident that women would play an ever more important role, but I never gave a minute's thought to what would happen if we won. Ready To Be Rich. But it may not accelerate growth in any major way, except perhaps by reducing social tensions arising from inequality and allowing poor people to devote more resources to human and physical asset accumulation. Have you ever seen the statistics of what happens to Lotto winners? Some nations have witnessed protests, looting, destruction, and overthrow. Fairness means that Americans reap the rewards of their labor, that what they earn inherently belongs to them and not to the government to redistribute as it sees fit, and that the path to prosperity is through hard work and success. We can calculate the wealth of America's most typical adult, that adult who holds more wealth than half our nation's adult population and less wealth than the other half. Quote: Originally Posted by freemkt. The "share of income and wealth held by affluent families have reached historically high levels" -- -- the top 1% of families own a greater share of the nation's wealth (38.6%) than the bottom 90% of families combined (22.8%). Implications and questions. This decline is something that has occurred across most developed nations . Typically the redistribution is progressive, referring to a transfer of wealth from the rich to the poor. More like what happens when mobs steal shops in riots. Retiring and relying on Social Security income. Clinton Quotes. In the case of surprise inflation, a jump in the price level . Wealth: redistribution and interest rates. Inflation can redistribute wealth from lenders to borrowers tion O b. Kenya is 143,321,121 acres. Let me explain. Kenya is 143,321,121 acres. If we redistribute $25,000 from the rich to the poor: . "What Would Happen If We Redistribute Wealth Equally To Everyone?". In our study of US wealth dynamics that's what happened. This occurs despite the fact that all households have identical patience and skill. Inflation or deflation changes the real value of nominal positions, which leads to wealth effects. For example, inflation is good for nominal borrowers and bad for nominal lenders. Omar is an advocate of: . Rather than saying we need to reduce inequality we should be talking about getting the distribution of wealth back into a reasonable balance. Now, this scenario is probably not exactly playing itself out when it comes to taxes . Bill Clinton golfing with his wealthy friends on August 5, 2000, in Martha's Vineyard, MA. But if all wealth in the country was divided equally (which I do not advocate, for it is against meritocracy) every family would own $ 528,420.00 in assets. What would happen if there was a one-time redistribution of wealth from the wealthiest 1% of people in the US to the other 99% of people? Experiments all over the world are already showing its potential to transform society for the better . We know what happens when wealth is more evenly distributed, with working people earning more income. In the absence of any redistribution, the distribution of wealth is unstable over time and becomes concentrated entirely at the top. The main conclusion of our analysis is clear. Have you ever thought about what would happen if all the wealth in the world is redistributed equally to everyone? What would happen next? Inflation makes everyone poorer, because it raises the prices of goods and services O c. None of these are true O d. High inflation makes planning for the future harder O e. All of these are true O f. There are many paths to chose from to achieve the above outcome, for example, through income distribution STO's , utility via rewards, airdrops and bounties or even a completely new token scheme . What happens if we pay everyone just to live? ? Poor people suddenly wealthy have no idea what money is, but they figure out that per. It is important to emphasise that the setup we analyse . We know what happens when wealth is more evenly distributed, with working people earning more income. We need to quantify these things in the debate; America can understand this. Answer (1 of 13): Within a few years, wealth will once again accumulate at the top, and the large percentage of the people will be poor again. 2018 has been a harsh period for cryptocurrencies prices in general. I was directed to this question on the website "Quora" by a friend the other day, and the answer posted there made me want to bang my head against the wall. Perhaps our problem isn't how much billionaires have but how much politicians spend. It's about fairness! There are many paths to chose from to achieve the above outcome, for example, through income distribution STO's , utility via rewards, airdrops and bounties or even a completely new token scheme . Reason 01 A wealth tax would help reduce wealth inequality, which is at historically high levels. The wealth I lose will be much more than the wealth gained by the other, meaning there is a net loss in wealth. While I am not attached to any denomination or religious group I believe the bible has a lot to say about wealth and poverty. Reply. by redistribution of wealth as necessary. They take power and wealth, and justify it by saying they believe in redistribution of wealth. This is a mostly hypothetical course of events that would take place within the population of earth. That happened in the 70s. Accessed January 9 2019. There must be a gap to reward merit, but this is too wide. We wrote it up in a paper, but that's only the end product not the curious route by which we got there. Now the monetary wealth on earth is distributed very unevenly; some people have more than they could spend in a hundred lifetimes of extravagance and luxury while countless other people struggle to stay alive for just another day, wondering when their next meal will be, if there is going to be one. Next, we sweep in like heroes and hit the "MONEY" button - giving everyone (rich and poor) a regular infusion of newly printed money. So it has to be 1,000 per month per acre to be a trillion per year. For example, 2% of the population owns 90% of the country's wealth. Implications and questions. Suppose a nation protests a present government, and steals the power. Because when it comes to building wealth, it's the financial education, and its proper execution that really matters. I think a progressive land tax would redistribute wealth best. We could also tax wealth. Wealth tax. 12. salamoon 1 year ago. Now that's redistributing the wealth. 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