Between Taxes And Zakat (Islamic Taxes): Elon Musk & David Beasley
A few weeks ago, CNN published a story about “David Beasley” Executive Director of the United Nations Food Program, saying: 2% of the wealth of the richest man in the world, “Elon Musk” amounting to 300 billion dollars, is enough to end the problem of hunger in the world.
“Musk” is skeptical, and he said in a tweet: If they prove to us how 6 billion dollars will eliminate hunger in the world, I am ready right now to sell my shares in Tesla, “Paisley” replied to him with unconvincing responses, and the controversy is not over yet.
But there remains an essential question regarding the effectiveness and quality of the tax system in force in almost all countries of the world, compared to the Zakat system, which is not adopted by almost any country.
Zakat remains an individual act that a Muslim does or does not do according to his whims.
The main economic difference between taxes and Zakat, that taxes — in most cases — are collected when making money, meaning they are paid once, after which the owner of the money can accumulate his wealth in his comfort without the fear of any deduction from it
While Zakat on money (and not Zakat on crops or minerals) does not care about the amount of money you earn, It cares about the amount of money you save aside.
For example, a wealthy person who receives 10 thousand dollars a month is required by his government to pay an amount of taxes (let it be 20%), then he takes 8 thousand and pays two thousand per month, then if it is a work of accumulating and saving his money, the money will not decrease and the state will not deduct anything from it.
But under the Zakat system, no money is deducted during the monthly payment, but as long as he saves money (whether in a bank or cash at home), 2.5% will be taken annually from this money.
And here, some researchers tried to compare Zakat and taxes from an economic point…