In various nations, a few numbers of citizens have significantly high yearly incomes. They should be obliged to pay a much higher rate of income tax. I vehemently agree to this statement.
Firstly, oligarchy and monopoly are not good for the collective good of any society. These systems have a propensity to exploit the poor for their own gains. Furthermore, crony capitalists also tend to lobby the governments to pass laws in their favour at the expense of the general populace. Curiously enough, the same governments can enact laws to rein in their interference.
Secondly, in most countries, it is the poor who bear the burden of taxes. In addition to the impoverished, the middle class lives from pay cheque to pay cheque without any tangible improvement in their quality of life. Moreover, the rising inflation contributes to their plight even more. What is the solution to this predicament? To tax the rich! The capitalists should be taxed more so that the resultant funds can be used for the betterment of society. One might argue that this is unfair, but industrialists accumulated this money in the first place by exploiting cheap labour and favourable policies. Subsequently, the goverments should also levy “inheritance tax” on them so that poverty or affluence do not become generational.
In my opinion, it is cardinal to reasonably tax any cabal or clique that hoards more money than the majority of people. This will ensure the fair flow of capital and prevent the subversion of established institutions by a small group of people.