01.03.2024 Feature Article

How to make rich people happy and society rich

How to make rich people happy and society rich
01.03.2024 LISTEN

Richness is the result of fortune and hard work or inheritance and possible hard work. A society that sets up the framework and conditions to allow anyone with the will and determination to reach from the status of an underdog to the top of society in all walks of life is a just and wise society blessed to prosper.

The course of economic progress is connected to the issue of equality and contribution to society. Some may make the personal decision to raise a family more than a company while others see their dream of life fulfilled by making lots of money while others linger in between. Society infrastructure like hospitals, kindergartens, roads, parks, etc. are used by the rich and poor at the same time rate.

Rich people are seen by poor people as the privileged elite who have the mandate to contribute more to society than the father who wants to be with his family more than his workers in his own company. In many societies the call to tax rich people more than poor people is loud. Rich people want their risk-taking efforts and sleepless nights to be compensated.

As they are in the minority and politicians need the support of the majority a moral factor has to serve as a scapegoat. Various tax models and company structures help politicians to please the rich man and to confuse the poor man's mind. Still, before election time manifestos are filled with candy and marshmallow words in their numbers. The drunken headache appears after the election constantly.

Is there not a way to please both sides, a magic tool? What...what if...if e.g. a personal income tax of 52% as set in some jurisdictions as a progressive maximum for the rich can be reduced to 20% when the rich create jobs for others accordingly or pay the equivalent sum into a fund which finances workplaces in old or new companies managed by an independent body? The new jobs created generate income tax which helps to run the state.

In Germany, the concept of a foundation with the legal structure of a private or public entity tries to achieve just that. It helped the rich to have a broader company base and make their money with more e.g. supermarket branches while at the same time creating more jobs.

When African leaders would see the wisdom behind it their corruption spirits will be seriously affected but the economic independence of the increased workforce will arise over their heads and be liberated.