The pandemic: Rich Thais get richer and low income earners get poorer

[webfact]

 

Thai Rath reported on the latest calls from the Office of the National Economic and Social Development Board to the government to help low income earners. 

 

NESDB deputy Jinangkoon Rojananan said that household debt remains high after the third wave of the pandemic and that the labor market was still depressed.

 

She observed that ever since the first throes of the pandemic in March of last year bank accounts had revealed an interesting statistic.

 

Those with deposits of 100,000 baht and less were continually going down.

 

Yet those with 100 million baht were continually going up. 

 

She called on the government to enact short term and long term measures to help low income earners who are suffering most during the pandemic. 

 

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[ChipButty]

Easy, rob the rich and give it to the poor

[ThailandRyan]

It is the business model.  Those with money make money while those without get even poorer as inflation ramps up prices.

[mtls2005]

4 minutes ago, ChipButty said:

Easy, rob the rich and give it to the poor

 

Tax the rich...

[Surelynot]

Money breeds money..........

 

Einstein said (doubtful, but it sounds good)......."Compound interest is the eighth wonder of the world".

 

Once you have a certain amount of capital you can only get richer.

Edited July 6, 2021 by Surelynot

[JonnyF]

Why do you think the Junta stole power in 2014? To help the poor?

 

This has been happening since 2014. The pandemic has simply provided an opportunity to speed up the process.

Edited July 6, 2021 by JonnyF

[Neeranam]

17 minutes ago, mtls2005 said:

 

Tax the rich...

Not very fair is it?

Everyone should be taxed the same.

[ThailandRyan]

2 minutes ago, Neeranam said:

Not very fair is it?

Everyone should be taxed the same.

So what 70% tax on those with millions and then 70% on those with little to nothing.  How would that be fair.  Tax those that make more money and include an inheritance tax on those trust fund babies.

[Henryford]

Many of the big Pharma companies were heading for bankruptcy in 2019. Now most of the CEOs are billionaires.

[overherebc]

11 minutes ago, ThailandRyan said:

So what 70% tax on those with millions and then 70% on those with little to nothing.  How would that be fair.  Tax those that make more money and include an inheritance tax on those trust fund babies.

So spend your life working and pay tax on all you earn. Put some of your cash, you paid tax on, into a fund for your son, pay tax on its interest then when you pop your clogs your son has to pay tax on the money he inherits.

Somehow doesn't seen the right way to encourage saving.

Must be a better way.

Edited July 6, 2021 by overherebc

[tingtong]

27 minutes ago, mtls2005 said:

 

Tax the rich...

 

The interest is taxed at the bank. 

Equal rate.

 

It is quite unfortunate, that 1000thb if generate 1% a year = 10thb minus tax,

Vs.

100 million at 1% a year = 1 million thb minus tax.

 

Unless the money made illegally, it is how it is.

 

 

 

[Fat is a type of crazy]

15 minutes ago, Neeranam said:

Not very fair is it?

Everyone should be taxed the same.

From an opportunity to make money it can seem a bit unfair

If you look though at 2 people, one born rich, one born poor, it can seem fair to have higher tax rates for the richer person who is ten steps ahead, not only in income but the opportunity to make income, before things get going. 

In reality often the first dollar takes hard work. The ten millionth dollar generally not so..

It depends on how you see the role of each person in society..

 

[Neeranam]

17 minutes ago, ThailandRyan said:

So what 70% tax on those with millions and then 70% on those with little to nothing.  How would that be fair.  Tax those that make more money and include an inheritance tax on those trust fund babies.

What an extremely distorted way of thinking. I wonder if jealousy is an ingredient here. 

[BE88]

"""Yet those with 100 million baht were continually going up. """"

 

I have make a same nice dream this night, so tired this morning.

[Neeranam]

12 minutes ago, ThailandRyan said:

Jealousy from who me?, Never, I have paid my 70% already on all the money that I inherited and still have enough, its just sad that money already taxed is taxed again and again.  You get a paycheck, 28% is taxed off the top for the Government, then you pay taxes on gas you buy for your vehicle, taxed on your purchases of clothing and food, and then taxed annually for your property because of its supposed increase in value, taxed to pay for all services provided as well as taxed for the bonds issued to build schools, while also still paying and annual registration fee for using the bus and being on a sports team when you have already paid for said bonds.  The governments do not truly pay for much as it is the citizens who pay to run the country while those in power pocket money that they do not truly earn.  It is a true circle jerk in my opinion, but then that's my opinion and graft and corruption are at the root of most people loosing their hard earned cash.  I paid over a quarter million in taxes last year because of cashing out cryptos, but still pocket more than I had initially invested.  It is what it is. I responded your comment on Taxing everyone the same and used a percentage that many have paid in other areas of the world and the totality of what they have paid percentage wise when you add it all up.  Basically you work 8 or 9 months out of the year to pay taxes and only recoup the final 3 or 4 months.

So rich people already pay more taxes as they buy more expensive products. 

Why should the lazy man that lives next door to me , who spends his days on a hammock drinking cheap whisky, use the same facilities that I pay tax on, when I am stuck on my computer working all day?

 

 

[ThailandRyan]

54 minutes ago, Neeranam said:

Not very fair is it?

Everyone should be taxed the same.

 

9 minutes ago, Neeranam said:

So rich people already pay more taxes as they buy more expensive products. 

Why should the lazy man that lives next door to me , who spends his days on a hammock drinking cheap whisky, use the same facilities that I pay tax on, when I am stuck on my computer working all day?

 

 

So what do you propose, making the poor people pay the same amount of money so they can use the same facilities you do because you feel disenfranchised.  It is unfortunately the same as the people getting free services when others pay to have the services created and also use it, like the medical facilities.  Sounds like your the one who might be a little jealous of the lazy neighbor using the pool while you work and can not use it.  Oh well at the end of the day, there is nothing either you or I can do about it now can we.

[Fat is a type of crazy]

22 minutes ago, Neeranam said:

So rich people already pay more taxes as they buy more expensive products. 

Why should the lazy man that lives next door to me , who spends his days on a hammock drinking cheap whisky, use the same facilities that I pay tax on, when I am stuck on my computer working all day?

 

 

I concur a bit in the middle income areas. I see people get low tax or no tax or a refund if they earn a bit less and fill their house with kids, while in the middle income area  in Australia you get taxed at a higher rate and have to pay more for health insurance etc etc. The rich on the other hand can often invest in a way to pay less tax with good accountants. I suppose we all feel it's unfair from where we are.

 

Thailand though must have one of the biggest differences between rich and poor. It needs a bit of left wing taxation and unionisation.  Not too much but a bit. It just doesn't seem fair.  

[herfiehandbag]

1 hour ago, Neeranam said:

Not very fair is it?

Everyone should be taxed the same.

Well there is a whole new can of worms to pick over!

[Denim]

1 hour ago, ChipButty said:

Easy, rob the rich and give it to the poor

 

Not that way in Thailand. Its exploit the poor to feed the rich.

[Surelynot]

6 minutes ago, Fat is a type of crazy said:

The rich on the other hand can often invest in a way to pay less tax with good accountants

That is the killer.......

[spidermike007]

No question about this. Covid has been devastating to the average low earner, worldwide. There are a few exceptions, like the bizarre labor shortage taking place in parts of the US right now.

 

And the high income folks, and the rich folks seem to have done quite well. Also, although I am not a conspiracy theorist, there is so little about the "covid narrative" that seems to be factual and accurate. And when you look at the kind of malfeasance, neglect, indifference, sabotage and destruction the authorities have wreaked upon the people of this nation, one does wonder if there may be an alternate agenda at work here, than what appears to be happening, on the surface. Same may apply elsewhere. 

 

 

[Bkk Brian]

I guess the richest in Thailand failed to follow through.....

 

Thai PM Prayut's appeal to billionaires to help ease Covid-19 pain highlights big business privileges

 

BANGKOK - Speculation is rife about who among Thailand's billionaires will be called up by Prime Minister Prayut Chan-o-cha after he announced he would invite the kingdom's 20 richest people to join his government in easing pandemic-induced hardship.

 

https://www.straitstimes.com/asia/se-asia/thai-pm-prayuts-appeal-to-billionaires-to-help-ease-covid-19-economic-pain-casts

[ThailandRyan]

21 minutes ago, Bkk Brian said:

I guess the richest in Thailand failed to follow through.....

 

Thai PM Prayut's appeal to billionaires to help ease Covid-19 pain highlights big business privileges

 

BANGKOK - Speculation is rife about who among Thailand's billionaires will be called up by Prime Minister Prayut Chan-o-cha after he announced he would invite the kingdom's 20 richest people to join his government in easing pandemic-induced hardship.

 

https://www.straitstimes.com/asia/se-asia/thai-pm-prayuts-appeal-to-billionaires-to-help-ease-covid-19-economic-pain-casts

That was over a year ago and if I remember very few involved themselves in giving into his demands.  Many of us normal everyday people however started to donate food stuffs and fill up local pantry boxes.  I know that my GF and myself donated over 50k in food stuffs and that was when we befriended 4 families down one of the side Soi's to whom we still deliver weekly handouts.  My GF's daughter even gave some of her toys to the children as they had jack shiite and were not getting helped by this Government.  Unless these billionaires are getting a huge tax incentive why would they do more.  I wonder if they have even helped their employee's out.

[daveAustin]

Money comes to money and the pandemic was a godsend to many rich nobs. Special taxes needed, such as Bezos. 

[Mr Meeseeks]

1 hour ago, ThailandRyan said:

So what 70% tax on those with millions and then 70% on those with little to nothing.  How would that be fair.  Tax those that make more money and include an inheritance tax on those trust fund babies.

Tax is legitimised theft from the poorer classes to the rich and has always been thus since their inception of landowners demanding tribute from those on the land.

 

You should be able to have a say in what your entire tax contribution is spent on and how if indeed taxes are still a thing in the coming decades. 

 

Hopefully with the advent of new technologies we are not far off this. 

[metisdead]

A post using a trolling image has been removed.

[khunPer]

3 hours ago, mtls2005 said:

 

Tax the rich...

That is exactly what they are doing.

 

If you are familiar with Thai income tax rates, you would have noticed that the rich are taxed seven times as high rate as those of the poor, paying any tax, and that group is rather lower middle class. Poor people don't even pay income tax, as only little over four percent of the population pays income tax in Thailand.

[clivebaxter]

3 hours ago, Henryford said:

Many of the big Pharma companies were heading for bankruptcy in 2019. Now most of the CEOs are billionaires.

Any proof of this?

[EricTh]

What is the government doing? Our bank account balance should be confidential! 

 

Why are they looking at our bank accounts whether it is going up or down?

Edited July 6, 2021 by EricTh

[Rimmer]

Conspiracy troll nonsense post has been removed