tradeunionsupporter
4th July 2012, 05:02
Many Islamists say Islam is a Religion a Way of Life as well as a Economic System but my criticism of their Economic System is that it is based on Capitalism. Islamism seems to be a Rich or a Wealthy's Man/Capitalist's Ideology. Look at how Wealthy Bin Laden was as well as his Family are look how Wealthy the Saudi Royal Family is they have the Wealth from the Oil as well as Muammar Gaddafi the King of Jordan and Saddam Hussein among others and I can't say for sure but was and is the Taliban of Afghanistan Wealthy or Rich ? Under Sharia Law Economics Muslims pay Zakat which is only 2.5% every year on their wealth and or savings. Islam does have Sadaqah which is voluntary charity. While the Non Muslims pay a Tax called Jizya. Islam seems to support a Flat Tax not a Progressive Tax therefor my question to the Islamists is are you ok with Wealth/Income Inequality ? I don't use the term Islamic Fascism like Christopher Hitchens did but Islamism seems to be Right Wing to me. Some People say that the Right Wing Libertarians should love Somalia as well as Right Wing Republicans and Right Wing Conservatives they should love Somalia too they run and control and have power in Somalia. In Islam you can have 4 Wives but the Man must have the wealth to support the 4 Wives and the Children. Islam also supports Private Property and Private Ownership of the Means of Production. I am not posting this thread to bash Islam I am bashing the Islamist's Interpretation of Islam. From what I have heard Islamism also supports a fixed flat rate tax for Corporations.
Islamic economic jurisprudence
From Wikipedia, the free encyclopedia
Islamist movements and authors generally describe an Islamic economic system as neither Socialist (http://en.wikipedia.org/wiki/Socialism) nor Capitalist (http://en.wikipedia.org/wiki/Capitalism), but as a "third way" with none of the drawbacks of the other two systems.[3] (http://en.wikipedia.org/wiki/Islamic_economic_jurisprudence#cite_note-allacademic.com-2)[4] (http://en.wikipedia.org/wiki/Islamic_economic_jurisprudence#cite_note-gemsofislamism.tripod.com-3)
http://en.wikipedia.org/wiki/Islamic_economic_jurisprudence
Fundamentals of Islamic Economic System By Dr. Muhammad Sharif Chaudhry (http://www.muslimtents.com/shaufi/author.htm)
CHAPTER 20
ISLAM AND OTHER ECONOMIC SYSTEMS
http://www.muslimtents.com/shaufi/b16/b16_20.htm
Debate: Sheikh Anjem Choudary & Dr Naseem on Shariah for UK part 5
Uploaded by almuhajiroun (http://www.youtube.com/user/almuhajiroun) on Dec 6, 2009
A recent debate that took place in December 2009, focusing on the implementation of Shariah in Britain. www.islam4uk.com (http://www.islam4uk.com)
http://www.youtube.com/watch?v=kXVZJkz2C5o&feature=relmfu
Economic Mess and the Islamic Alternative http://www.islamicthinkers.com/index/images/M_images/pdf_button.png (javascript:void window.open('http://www.islamicthinkers.com/index/index2.php?option=com_content&do_pdf=1&id=708', 'win2', 'status=no,toolbar=no,scrollbars=yes,titlebar=no,m enubar=no,resizable=yes,width=640,height=480,direc tories=no,location=no');)http://www.islamicthinkers.com/index/images/M_images/printButton.png (javascript:void window.open('http://www.islamicthinkers.com/index/index2.php?option=com_content&task=view&id=708&Itemid=26&pop=1&page=0', 'win2', 'status=no,toolbar=no,scrollbars=yes,titlebar=no,m enubar=no,resizable=yes,width=640,height=480,direc tories=no,location=no');)http://www.islamicthinkers.com/index/images/M_images/emailButton.png (javascript:void window.open('http://www.islamicthinkers.com/index/index2.php?option=com_content&task=emailform&id=708', 'win2', 'status=no,toolbar=no,scrollbars=yes,titlebar=no,m enubar=no,resizable=yes,width=400,height=250,direc tories=no,location=no');)Thursday, 23 September 2010
Although certain stocks and inventories of companies are subject to the annual 2.5% zakat levy, punitive corporation tax and the dis-incentive of being taxed on the dividend payouts of company activity, which is also absent in the Islamic economy acts as a strong incentive to invest.
http://www.islamicthinkers.com/index/index.php?option=com_content&task=view&id=708&Itemid=26
Islamic Tax?
Islam has a completely different perspective on the economy and tax as the Islamic basis is different to that of capitalism. Fundamentally taxation in Islam and under the khilafah puts the emphasis of taxation on wealth rather than income. The Islamic taxation system does not tax income, but taxes wealth. This means that the average person will be left with more disposable income and will be liable for tax on whatever wealth is left at the end of the year. This will have a significant effect on the economy. If we take figures from the British economy, and incorporate them in an Islamic model we can demonstrate the effect of this. In 2007 the average UK salary is £23,244, and the tax burden on this salary is 34% (income tax and National insurance together), which is just under £8000. This alongside indirect taxation (that is taxation on spending rather than income) as well as council tax, road tax, sales tax and so forth mean that the real tax burden falls at closer to the 40-50% mark. This means that the average person in this country is losing between £10,000-12,000 to taxation.
In Islam although simplified, the wealth tax falls at 2.5%. This means that the within one year, the average person can save at is at least £10,000. This means that the average person will have an extra £700 to spend each month as he will not be taxed on his income. Taking into account that the total UK workforce is approx 31 million this means that the extra money flowing around the economy would be £240 billion, if the income was not taxed. Therefore two or three people could easily enter into a business contract to supply some of the demand in the economy for consumer or manufactured goods thereby creating more employment in the economy. The net effect of this is that it will increase demand for goods and services right across the economy which will generate an increase in trade and in turn an increase in wealth for businesses.
The main revenues of the khilafah are:
1. The different types of public property revenues
2. The properties of Zakat
3. Booties (Fai'),
4. Land Tax (Kharaj)
5. Head Tax (Jizya)
http://www.khilafah.com/index.php/the-khilafah/economy/6915-islam-and-taxation
In western capitalist countries their taxation penalises the poor and vulnerable in society. Clever accounting and offshore Swiss bank accounts ensure the rich in western societies can avoid paying the majority of taxes altogether. In the UK for example, the Queen is one of the richest people in Britain yet she pays no income tax, whereas a poor single mother or an old age pensioner must pay income tax. With regressive taxes like the sales taxes on goods and services these hurt the poor more than the rich since the tax rates are the same for both.
http://www.khilafah.com/index.php/the-khilafah/economy/3324-taxation-in-islam-wealth-tax
Laffer curve
From Wikipedia, the free encyclopedia
Other historical precedents
An argument along similar lines has also been advocated by Ali ibn Abi Talib (http://en.wikipedia.org/wiki/Ali_Ibn_Abi_Talib), the first Shi'a Imam and fourth Caliph of the Islamic empire; in his letter to the Governor of Egypt, Malik al-Ashtar (http://en.wikipedia.org/wiki/Malik_al-Ashtar). A careful reading of the quote below shows that he only argues for a decrease in taxes' reducing revenues, not for an optimal point where most revenues would be raised, thus missing the prototypical point of the Laffer curve. It does however imply that revenues might rise in time because of this reduction of taxes. He writes:
If the tax-payers complain to you of the heavy incidence to taxation, of any accidental calamity, of the vagaries of the monsoons, of the recession of the means of irrigation, of floods or destruction of their crops on account of excessive rainfall and if their complaints are true, then reduce their taxes. This reduction should be such that it provides them opportunities to improve their conditions and eases them of their troubles. Decrease in State-income due to such reasons should not depress you because the best investment for a ruler is to help his subjects at the time of their difficulties. They are the real wealth of a country and any investment on them even in the form of reduction of taxes, will be returned to the State in the shape of the prosperity of its cities and improvement of the country at large. At the same time you will be in a position to command and secure their love, respect and praises along with the revenues.
—Ali ibn Abi Talib, Nahj al-Balagha (http://en.wikipedia.org/wiki/Nahj_al-Balagha), Letter 53[citation needed (http://en.wikipedia.org/wiki/Wikipedia:Citation_needed)]
http://en.wikipedia.org/wiki/Laffer_curve
Islamic economic jurisprudence
From Wikipedia, the free encyclopedia
Islamist movements and authors generally describe an Islamic economic system as neither Socialist (http://en.wikipedia.org/wiki/Socialism) nor Capitalist (http://en.wikipedia.org/wiki/Capitalism), but as a "third way" with none of the drawbacks of the other two systems.[3] (http://en.wikipedia.org/wiki/Islamic_economic_jurisprudence#cite_note-allacademic.com-2)[4] (http://en.wikipedia.org/wiki/Islamic_economic_jurisprudence#cite_note-gemsofislamism.tripod.com-3)
http://en.wikipedia.org/wiki/Islamic_economic_jurisprudence
Fundamentals of Islamic Economic System By Dr. Muhammad Sharif Chaudhry (http://www.muslimtents.com/shaufi/author.htm)
CHAPTER 20
ISLAM AND OTHER ECONOMIC SYSTEMS
http://www.muslimtents.com/shaufi/b16/b16_20.htm
Debate: Sheikh Anjem Choudary & Dr Naseem on Shariah for UK part 5
Uploaded by almuhajiroun (http://www.youtube.com/user/almuhajiroun) on Dec 6, 2009
A recent debate that took place in December 2009, focusing on the implementation of Shariah in Britain. www.islam4uk.com (http://www.islam4uk.com)
http://www.youtube.com/watch?v=kXVZJkz2C5o&feature=relmfu
Economic Mess and the Islamic Alternative http://www.islamicthinkers.com/index/images/M_images/pdf_button.png (javascript:void window.open('http://www.islamicthinkers.com/index/index2.php?option=com_content&do_pdf=1&id=708', 'win2', 'status=no,toolbar=no,scrollbars=yes,titlebar=no,m enubar=no,resizable=yes,width=640,height=480,direc tories=no,location=no');)http://www.islamicthinkers.com/index/images/M_images/printButton.png (javascript:void window.open('http://www.islamicthinkers.com/index/index2.php?option=com_content&task=view&id=708&Itemid=26&pop=1&page=0', 'win2', 'status=no,toolbar=no,scrollbars=yes,titlebar=no,m enubar=no,resizable=yes,width=640,height=480,direc tories=no,location=no');)http://www.islamicthinkers.com/index/images/M_images/emailButton.png (javascript:void window.open('http://www.islamicthinkers.com/index/index2.php?option=com_content&task=emailform&id=708', 'win2', 'status=no,toolbar=no,scrollbars=yes,titlebar=no,m enubar=no,resizable=yes,width=400,height=250,direc tories=no,location=no');)Thursday, 23 September 2010
Although certain stocks and inventories of companies are subject to the annual 2.5% zakat levy, punitive corporation tax and the dis-incentive of being taxed on the dividend payouts of company activity, which is also absent in the Islamic economy acts as a strong incentive to invest.
http://www.islamicthinkers.com/index/index.php?option=com_content&task=view&id=708&Itemid=26
Islamic Tax?
Islam has a completely different perspective on the economy and tax as the Islamic basis is different to that of capitalism. Fundamentally taxation in Islam and under the khilafah puts the emphasis of taxation on wealth rather than income. The Islamic taxation system does not tax income, but taxes wealth. This means that the average person will be left with more disposable income and will be liable for tax on whatever wealth is left at the end of the year. This will have a significant effect on the economy. If we take figures from the British economy, and incorporate them in an Islamic model we can demonstrate the effect of this. In 2007 the average UK salary is £23,244, and the tax burden on this salary is 34% (income tax and National insurance together), which is just under £8000. This alongside indirect taxation (that is taxation on spending rather than income) as well as council tax, road tax, sales tax and so forth mean that the real tax burden falls at closer to the 40-50% mark. This means that the average person in this country is losing between £10,000-12,000 to taxation.
In Islam although simplified, the wealth tax falls at 2.5%. This means that the within one year, the average person can save at is at least £10,000. This means that the average person will have an extra £700 to spend each month as he will not be taxed on his income. Taking into account that the total UK workforce is approx 31 million this means that the extra money flowing around the economy would be £240 billion, if the income was not taxed. Therefore two or three people could easily enter into a business contract to supply some of the demand in the economy for consumer or manufactured goods thereby creating more employment in the economy. The net effect of this is that it will increase demand for goods and services right across the economy which will generate an increase in trade and in turn an increase in wealth for businesses.
The main revenues of the khilafah are:
1. The different types of public property revenues
2. The properties of Zakat
3. Booties (Fai'),
4. Land Tax (Kharaj)
5. Head Tax (Jizya)
http://www.khilafah.com/index.php/the-khilafah/economy/6915-islam-and-taxation
In western capitalist countries their taxation penalises the poor and vulnerable in society. Clever accounting and offshore Swiss bank accounts ensure the rich in western societies can avoid paying the majority of taxes altogether. In the UK for example, the Queen is one of the richest people in Britain yet she pays no income tax, whereas a poor single mother or an old age pensioner must pay income tax. With regressive taxes like the sales taxes on goods and services these hurt the poor more than the rich since the tax rates are the same for both.
http://www.khilafah.com/index.php/the-khilafah/economy/3324-taxation-in-islam-wealth-tax
Laffer curve
From Wikipedia, the free encyclopedia
Other historical precedents
An argument along similar lines has also been advocated by Ali ibn Abi Talib (http://en.wikipedia.org/wiki/Ali_Ibn_Abi_Talib), the first Shi'a Imam and fourth Caliph of the Islamic empire; in his letter to the Governor of Egypt, Malik al-Ashtar (http://en.wikipedia.org/wiki/Malik_al-Ashtar). A careful reading of the quote below shows that he only argues for a decrease in taxes' reducing revenues, not for an optimal point where most revenues would be raised, thus missing the prototypical point of the Laffer curve. It does however imply that revenues might rise in time because of this reduction of taxes. He writes:
If the tax-payers complain to you of the heavy incidence to taxation, of any accidental calamity, of the vagaries of the monsoons, of the recession of the means of irrigation, of floods or destruction of their crops on account of excessive rainfall and if their complaints are true, then reduce their taxes. This reduction should be such that it provides them opportunities to improve their conditions and eases them of their troubles. Decrease in State-income due to such reasons should not depress you because the best investment for a ruler is to help his subjects at the time of their difficulties. They are the real wealth of a country and any investment on them even in the form of reduction of taxes, will be returned to the State in the shape of the prosperity of its cities and improvement of the country at large. At the same time you will be in a position to command and secure their love, respect and praises along with the revenues.
—Ali ibn Abi Talib, Nahj al-Balagha (http://en.wikipedia.org/wiki/Nahj_al-Balagha), Letter 53[citation needed (http://en.wikipedia.org/wiki/Wikipedia:Citation_needed)]
http://en.wikipedia.org/wiki/Laffer_curve