Higher taxes on big incomes and wealth are a necessity today everywhere including #USA and #India .
The govt spending today is far more than the govts have capacity to raise ordinarily by way taxes at present levels of taxation and therefore the imbalances can only be treated by taxing substantially more the people in higher income brackets . Not only this , in fact , the people who have more than average earnings should be taxed more as it is these families that tend to save more for future which leads to limiting the scope of improvement in lives of people with lower income in future too. This has been the precisely the case when we look for answers to what may have gone wrong in distribution pattern over the last many decades that has left a vast majority fighting harder for every thing needed to sustain .
Similarly the disparity in world’s economies has contributed to some of the countries at lower rung to find it harder to have better share in world’s natural resources.
This may sound very differently as a socialistic noise in din of free market advocacy since the collapse of communistic philosophy but on deeper understanding one will have to agree that taxing rich more is still capitalistic in nature . The socialistic pattern would even negate the rich even an opportunity to earn more and that’s the worse part of socialism. In the same way the worse part of capitalism is when the matters of state and business are so organized as to make it tougher for the poor to participate with equal opportunities.
I invite comments from my readers.