For all governments in the western world, the tax ratios are pretty much the same. About half of the tax is paid by personal income tax and the other half is paid by business and industry.
The difference is that business and industry has lobbying interest and is run by people who actually understand Economics 101. The "people" have no lobbying interest because they don't understand economics -- and they donâ€™t know about offshore tax havens like the Bahamas, the Cayman Islands, Liechtenstein etc.
Information however should be looked at on a need to know basis. The Working Class does not need to know about offshore banking on the Cayman Islands since they will never be availing themselves of it. It becomes really superfluous information. It's not really useful because the chances that they would ever be able to accumulate the wealth wherein that would be a worthwhile option -- short of hitting the lottery -- somewhere between zero and none.
The Working Class fill a certain role. They generate the work product. They generate half of what the government spends in terms of tax revenues. They generate the savings and investment, the national savings pools in every country that government and industry borrow from. They generate the debt at the personal level by their borrowing and they generate the consumption of goods and services that economies depend on to varying degrees. In the United States we have an economy by post-war design in which 70% is comprised of consumption. They don't call it "private consumption" for nothing. It means consumption by the fodder, by the masses...
For the rest of this column by Independent Geo-Political, Economic & Market Analyst Al Martin, please click here -- Al Martin Raw
* AL MARTIN, author of "The Conspirators: Secrets of an Iran Contra Insider," is an Independent Political-Economic Analyst with 25 years of experience as a trader on NYMEX, CME, CBOT and CFTC. He is also currently trading the commodity futures market day and night and has a teleconferencing service to facilitate transactions in the markets. This is a service for independent experienced traders.
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