REMINDER: Banks are closed today, markets are open. Futures are near neutral and we expect a slow day.
This may sound like a trivial sort of thing to be talking about, but the problem is – trust me on this – far from trivial.
We all know robots are coming. They will be here any minute to about 20-years from now for most everything humans do. Already there are sex machines and sex robots so it stands to reason that most other human functions will be replaced, too.
That gets us to the idea of who should be paying income taxes. And,. as I got more deeply into the research for this morning’s report, the more I found a decidedly anti-human aspect of the tax code.
So we’re on that that trail this morning…one my consigliore – an accomplished tax lawyer himself – admits is “One of those inconvenient questions we haven’t thought much about in the profession…”
And that’s where we will begin our study. After crumpets and headlines, of course. Because while we’re on the heels of preparing for War with Robots, there may be something even more lethal to either them, or us humans.
Tax policy.
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No–the owners should.
$15 an hour, goodbye employees! Downsize my business to what I can manage alone, fire my twice a month house cleaning service, and mow my own lawn.
Raising the minimum wage is like a tax to a company. It takes money out of the (small business) system making it unavailable. The key is to eliminate taxation for individuals, because that money gets spent and has a multiplier effect and increases the velocity of money. This also works for large corporations, except the effect has been negated by the fact that so much wealth has been accumulated bu so few individuals, so a reset of the economy will be necessary to restore a normal system ruled by the invisible hand of supply and demand.
Oddly – I have read articles that for those employees who are receiving various forms of Gov’t aid they have now asked for fewer hours of work lest their benefits get cut for earning too much – talk about unintended consequences…..
George, your consigliore should also know the “income” tax is being used to lay a direct tax without apportionment on your labor. That the law says it is voluntarily and we have been the victims of another government scam.
George, a machine can’t own anything and can’t make a profit for itself so income tax is not applicable. So an excise on the income produced for the corporation would work.the problem us how to determine how much income is derived from the robot’s production. How about you explain your proposa? I.e. exactly how any tax would be calculated?