Rich In Responsibilities

6 reasons the rich, and especially businesses, should pay steeper fines

1. Steeper fines would discourage people from breaking laws.
2. It would mean lower taxes for average citizens.
3. Traditional fines are gradually eroded by inflation.
4. Inequality is rising.
5. Inequality causes social unrest.
6. Rich people and companies are notorious for tax evasion.

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It is unjust that the wealthy are subjected to the same fines as everyone else. Currently, money arguably serves as a license to disregard the law, as most fines mean nothing to a millionaire. With its current legal system, Canada is passively showing preference to the wealthy, and is therefore not fulfilling its responsibilities as a constitutionally egalitarian and generally progressive country.

A much more ideal system is the one currently in use in Sweden, Finland, Denmark, France, Germany, Austria, and Switzerland. And that system is "day fines", or fines that are proportional to the offender's income. For example, in Finland, a standard speeding ticket is half a day's wages.

The optimal system, however, would take the offender's assets into account as well as their income. This would serve to charge fair fines to people who have obtained most of their assets in ways not related to their current line of work (previous jobs, inheritance, investments, and so forth). And more importantly, these fines would ideally be levied on top of a minimum amount specific to the offence. This way, even the unemployed would have to pay a fair fine.

If the offender is too broke to pay even the minimum amount, they would instead pay if off via community service. Speaking of which, the wealthy should also have to pay more to buy their way out of community service.

Reason 1: Wealthy lawbreakers

It is a well-known fact that many affluent individuals flagrantly violate minor laws, as they are aware that the penalties are relatively lenient. Implementing proportional fines would significantly alter this scenario. The wealthy would either break laws less frequently or contribute a much larger portion of the fine revenue. In any case, society would experience positive outcomes from this change.

Reason 2: Taxes

Higher fines for the rich are essential in order to create a fair and equitable tax system. By increasing fines for the wealthy, it allows for lower taxes for the average citizen. Therefore, implementing higher fines for the rich is a necessary step in creating a more just and inclusive society.

Reason 3: Inflation

Laws can be challenging and costly to change, making it important to get things right the first time. When fines are not adjusted for inflation, their effectiveness as deterrents diminishes over time. Implementing proportional fines, with only a minimum fine and no maximum, could help mitigate this issue. This approach would make fines less vulnerable to becoming outdated and ineffective, ensuring that they remain a powerful tool for enforcing the law.

Reason 4: Rising inequality

In most parts of the world, wealth inequality is growing at an alarming rate. The majority of people are experiencing a decline in their financial status, while the wealthy elite continue to amass more wealth. This trend goes against what should be happening. Introducing a proportional fine system could be a simple and effective solution to this problem. It is crucial to take action in order to combat this growing wealth inequality and ensure a more equitable distribution of resources for all members of society.

Reason 5: Social unrest

Inequality is a major contributor to social unrest, and the disparity in wealth is no different. If the wealthy individuals were to pay their fair share in fines, it would likely result in fewer riots and a safer society overall. This is because when the burden of financial responsibility is placed more heavily on those with greater means, it can help to level the playing field and reduce the tension and resentment that often lead to social upheaval. By ensuring that everyone contributes equitably to the functioning of society, we can work towards a more harmonious and stable community for all.

Reason 6: Tax evasion

Tax evasion exacerbates the issue of financial inequality, as many affluent individuals fail to pay their rightful taxes. This behavior not only undermines the fairness of the tax system, but also hinders the government's ability to fund social programs and public services that could help bridge the wealth gap. When those with significant resources shirk their tax responsibilities, it places a disproportionate burden on the middle and lower classes, contributing to a cycle of economic disparity. Increasing fines for the wealthy is crucial in creating a more equitable society, where everyone is expected to contribute their fair share towards the common good. By holding affluent individuals accountable for their misdeeds, and closing loopholes that enable such behavior, we can work towards a more just and balanced financial system for all.