Don’t tax rich people more at this time, says economist

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A senior fellow at the IDEAS organisation says someone who buys a yacht contributes to the wages of those who built the yacht.PETALING JAYA: An economist has proposed that income tax rates be reduced in order to free up the people’s cash flow and to encourage spending and consumption. He also believes that the affluent should not be taxed more at this time, as there would be a greater spillover effect on society by leaving more money in the hands of the rich. The economist, Carmelo Ferlito, a senior fellow of the Institute for Democracy and Economic Affairs, said the principle of redistributing the tax collections from the rich to help the poor seemed fair and sound. However “in this peculiar moment, we don’t need to get resources away from the market, quite the contrary. In a moment in which the economy suffers from the lack of consumption because many people have lost jobs, we …