What is everyone's view on the Occupy Wall Street ?

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It's revolutionary. I wanted to go to Occupy-LA but apparently it's not safe.
 
I know the Occupy Wall Street has nothing to do with Muslims but the Socialists are always trying to ally with Muslims in my view the Occupy Wall Street is silly because they are calling for higher taxes on the Richest 1% to help the other 99% from what I know about taxes is that the Rich have ways to avoid higher taxes with loopholes offshore tax shelters and other ways this is a fact of Western Capitalism my point is it does not matter how Progressive the tax rates are the Rich or the Wealthy won't pay a dime of it because they have in the past and will in the future use tax shelters. Western Capitalist Nation's tax systems are Regressive not Progressive.

Taxation in Islam: Wealth Tax

Thursday, 17 July 2008 14:11


Abdul-Kareem

The following article is based on the book Funds in the Khilafah State which is a translation of Al-Amwal fi Dowlat Al-Khilafah by Abdul-Qadeem Zalloom.

Wealth Tax

In western capitalist countries their taxation penalises the poor and vulnerable in society. Clever accounting and offshore Swiss bank accounts ensure the rich in western societies can avoid paying the majority of taxes altogether. In the UK for example, the Queen is one of the richest people in Britain yet she pays no income tax, whereas a poor single mother or an old age pensioner must pay income tax. With regressive taxes like the sales taxes on goods and services these hurt the poor more than the rich since the tax rates are the same for both.

http://www.khilafah.com/index.php/th...lam-wealth-tax
 
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The Shadow Banking System: A Third Of All The Wealth In The World Is Held In Offshore Banks

Economic Collapse Blog
December 31, 2010
You and I live in a totally different world than the ultra-rich and the international banking elite do. Many of them live in a world where they simply do not pay income taxes. Today, it is estimated that a third of all the wealth in the world is held in offshore banks. So why is so much of the wealth of the globe located in places such as Monaco, the Cayman Islands, Bermuda, the Bahamas, and the Isle of Man? It isn’t because those are fun places to visit. It is to avoid taxes. The super wealthy and the international banking elite think that it is really funny that our paychecks are constantly being drained by federal taxes, state taxes and Social Security taxes while they literally pay nothing at all. These incredibly rich elitists make a ton of money doing business in wealthy western nations and then they transfer virtually all of their profits offshore where they don’t have to contribute any of it in taxes. It works out really great for them, but it sucks for the rest of us.

http://www.infowars.com/the-shadow-...ealth-in-the-world-is-held-in-offshore-banks/
 
I'm not sure. I understand their frustration but I doubt change will occur. I would not be surprised if some high-profiled politicians began supporting the protesters but with the intention of conflict management rather than trying to meet the exact demands of the occupiers. It will be interesting to see how these events unfold...
 
Regarding wealth arguments, the issue is two-fold: 1) the taxing policy we have in the UK and 2) the fact that the government (because it bails out banks during crisis) has control over interest rates - they already have degrees of control over inflation.

UK Tax is not a steady or base rate, rather it's several disproportionate bands. For example: People who earn 50k salaries, after tax this is reduced down to about 30k (ish). That's almost 50% taxation! Compare that to someone earning between 15-20k, who would be taxed about 15-20% - why even bother going for a 50k salary?

That's why offshore banking is so popular - you get to keep the money you earned.
 
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