A new global Economic Strategy will be put in place which will adhere to the priciples of fairness and environmental impact.
There will be a Single Tax System. No tax will be levied on purchases but only on income. No tax will be paid on income upto £10,000 UK pounds, and then a graded system at specific intervals. There will be 11% tax on £11,000, 12% on £12,000 13% on £13,000, 14% on £14,000, and so on up to 20% from £20,000 to £45,000. 30% tax will be levied on incomes from £46,000 to £99,000. 40% tax will be levied on those earning in excess of £100,000 upto £499,000. 50% tax for those earning between £500,000 to £999,000. Those earning greater than £1 million will be taxed at the 75% threshold and 95% for earnings over £5 million.
Everyone will pay the same tax whatever country they are registered to so we aviod the problem of non domiciels and so called tax havens.
There will be a unified business rate tax calculated upon turnover, profit and the number of employees within the organisation; therefore multi-national companies employing many thousands of people will obviously pay more than sole traders. Tax rates will be set around 20% for multinationals and 5% for sole traders. Medium sized companies would be looking at paying around 10% tax.
There will be a standard interest rate of between 0%-5% for saving and between 0%-7% for borrowing, fixed for around 5 years for all organisations.
Consideration should be given to a single global currency, measured in Earth Credits or a system based on regional currencies so that the planet ends up with no more than 10 global currencies.
There will an Earth Minimum wage which will reduce poverty and produce an equalisation of production costs. There will essentially be an Earth Maximum wage which will see a tax threshold of 95% at any income earned above £5 million UK pounds.
A new Universal seamless work based Pension system will be set up which will guarantee every person a fair income in old age. Each person's pension will follow them through their career path. It will be funded by annual contributions of around 5% of those in employment; and 2.5% employer contributions. Those who have not worked will still obtain a pension, albeit at a reduced level compared with those who have made contributions to their pension provision.
Every country will be tasked to diversify their current economies to include an equal three way split between agricultural production (30%), manufacturing (30%) and service industries (30%). Other entrepreuneurial industries will make up the remaining 10%.
There will be an aim of zero unemployment. It is estimated that around 10% to 15% of the world's eligible working population are unemployed - the World is simply not working! Job creation in our countries and especially youth unemployment will be addressed through economic diversification the creation of new global agencies such as health, education, emergency and rescue, house building, recycling, coastguard and space agency. The construction of better sanitsation and an Earth Electrical Grid will provide jobs for decades to come.
In terms of global lottery companies, an Earth Government would tax all winnings by individuals and syndicates. A suggested tax of 10% would be levied. It is estimated that this would raise $10 billion US dollars a year.
Furthermore, an Earthgovernment will provide a paid salary for one parent to care for their child(ren) upto the age of 5 on their first 2 children; thus ensuring society recognises the full and proper part parents, and in particular mothers, play in bringing up children.