Would you 'opt in' to pay 1% more income tax if it meant the cancellation of world debt?

Answer 1

sure, but as history shows increase income will simple mean an increase in spending, not a decrease in national debt. People just love to spent money, and when it is politicians spending other peoples money, then that makes it even worse.

Answer 2

Sounds great in principle; but a few things to think about...

1 where would the tax money go to?
Debt cancellation is done by the creditors, mainly large banks and other 'developed' nations. Will the money go to the banks who already pay millions to their CEOs so they can get even higher bonuses? If the money goes to the 'developed' nations, what will be done with it? Will it go to health care or military expenditure?

2 How long would this process be repeated?
Would it be a 1% increase in my tax bill for 2006 and debt balances up to 2006 be wiped out? If that's the case, or if I pay for a couple of years, I'd be ok with that.

3 What steps will be taken to ensure such indebtedness will not recur?
Getting rid of today's debt would be good, since resources devoted to repayment could go to more productive ends.

Can we make sure we have responsible borrowing and lending? While it is easy to blame the borrowers for taking the loan, we must also realise that the lenders lent the money either knowing they would get a long repayment over time, or that the projects the money would go to would work; indebtedness shows the projects didn't work.

4 Can we help the indebted countries come out of the debt/poverty trap?
What we need to do is have fair dealing. The collapse of the latest WTO talks shows how entrenched the subsidies given by Europe and the US into their agricltural sectors are. And this is where countries now in debt can develop by exporting their agricultural produce if allowed to compete on fair terms. So would simple manufactures like t-shirts...

In sum, debt relief via voluntary temporary income tax increase is a great idea, but in order to make it work, a few things must also be done.

Answer 3

No because the cancellation of world debt does not mean the end to world problems.
There are some countries where the only reason that the leaders dont buy weapons to kill half the population is because it is taken from them before they get it. It goes on repayments rather than arms.
The problems in the world are much more complex than just solving debt. It would be great if all world leaders were nice and really cared about everyone, but we know that just isn't true.
I mean, look at the guy the americans have.

Answer 4

Of course not, because income taxes are one of the causes of the world debt.

Most people don't realize that the world was doing very well (including the USA) up through the mid-1800s when the USA had no income tax.

Then the Illuminati (Rockefellers, Rothschilds, etc) got their tentacles into our politicians and created the income tax and the criminal Federal Reserve in early 1900s. That set off a debt explosion in the world.

Review my sources, including all my Q&A, since I have covered this is more detail in many of my prior Q&A.

It pains me to see you young questionaires have no clue how the world financial system is criminal. The Illuminati has achieved it's goal of indoctrinating you via their control of our educational system.

You are clueless. Read all my sources in depth, so you are not so ignorant about the world.

Answer 5

Only if it meant a genuine end to the current system and wasn't voluntary. Anyway, it wouldn't need a 1% hike in tax. All it would take is a 1/4% tax on currency speculation where the amounts being traded are over £1/4 million. I remember reading that somewhere.

Answer 6

Of course I would. I'd be happy to pay a hell of a lot more than 1%, too, and not just for global debt. I'd be happy to pay an extra 15% if it went towards public health, public transport, housing, welfare and other egalitarian social processes to improve things for everyone but the very wealthy. If a single penny of this went to the military, to subsidise business' providing public services or to offer any other kind of assistance to big business, I'd outright refuse to pay any tax whatsoever and would happily go to prison.

Answer 7

I would pay the 1% to feed children around the world, not pay off the national debt.

Answer 8

No way, I'm a capitalist. Paying off world debt entirely could mean impoverishing those who makes their living out of that; Bankers. I'll rather keep my money for a more meaningful project(s)

Answer 9

why would i care about world debt?...How long do any of us have 50 maybe 80 years probably much less like 20 or 30. That debt will still be there and have no effect on me, why don't you worry about more important thiings like high gas prices.

Answer 10

We pay well over 20% income tax now and we can't even clear our own country's debt.