I voted no. I think such a move might be seen as anti business and anti commerce. Instead of limiting wealth creation, we should ensure wealth circulation.
1. Zakat. We should be taking zakat at state level from everyone who is eligible to pay zakat. This zakat should be distributed to the real needy.
2. All salaries should be paid via bank accounts. This way all salaries can be taxed.
3. A high threshold to paying income tax. Poorer people should not be paying income tax.
4. A minimum wage. There should be an enforced minimum wage for all adults should be set at a level which allows them to earn a decent living.
5. Workers unions should be setup to independently monitor businesses and look out for workers rights. Any bosses not registering workers as staff or paying off the books should be reported to the government and face huge fines.
6. Reduction of indirect taxation. Tax should come from businesses and salaries, not from mobile phone top ups and fuel. This sort of indirect taxation puts a burden on those who can't afford to bear it.
7. Wealth Tax. On top of zakat, we should consider a wealth tax on any type of economic activity considered negative, for example owning multiple properties to rent, or not farming farmland.
8. To enable all of the above we need an economic census so we know exactly what each person is earning, what their expenses are and how much state support they need. Anyone who needs support should receive it (on priority basis). This will incentive's people to register and become part of the "system" after which their economic activity can be tracked via bank accounts.
9. Having said that, there should be reasonable pay caps on government salaries. I don't think a set maximum is necessarily a good idea, but rather a ratio, ie the highest government earner can only earn x times what the lowest earner makes. This way of the salaries at the top increase, they increase all over. It'd be much harder to justify huge pay rises if they meant a pay rise for everyone!
