Category Archives: Volume 2

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A taxing agenda: how the rich must take responsibility in building a new capitalism.

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There appears to have been an awakening of late that our current version of capitalism is simply not working; in the words of ex-Telegraph editor Charles Moore, ‘We are bust – both actually and morally’ i. The financial crisis of the latter years of the last decade, the MP ‘expenses scandal’, and the phone hacking scandal have each discredited our economic and supposedly moral elite, whilst the widespread rioting of summer 2011 has led some to assert that the virtues of the 1980s – consumerism and ‘popular capitalism’ – have damaged moral fibreii. Admissions that the rich must take responsibility have not only come from journalists and commentators, in a startling comment piece in the New York Times on the 14th August, billionaire Warren Buffet argued forcefully that the mega rich should pay more tax – and do their bit to contribute more to society iii. This call was echoed from across the Atlantic when 16 French billionaires requested and pressured Sarkozy to impose an additional tax levy on the super-rich iv.