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Published by Oxfam International Survival of the richest people The first day of the World Economic Forum in Davos, Switzerland, January 16th.of report Emphasizes the need for billionaire taxes.
“A tax of up to 5% on the world’s billionaires and billionaires could raise $1.7 trillion a year, enough to lift two billion people out of poverty,” Oxfam wrote. I’m here.
Furthermore, Oxfam notes that since 2020, the world’s richest 1% have acquired $42 trillion in new wealth, while the remaining 99% have seen about half that amount. Based on world population of 7.89 billionthe richest 1% added an average of $532,000 or more in new wealth over the past two years, while the remaining 99% averaged $2,688.
This is almost a multiple of 200. It’s not as disparate as it is in 2021. S&P 500 CEO pay ratio – this is 324 to 1, according to AFL-CIOBut it’s still dazzling.
Martin Luther King Jr. well said When he pointed out: “Money in its proper place is a valuable and necessary tool for a balanced life, but when projected into divine status, it becomes a corrupting force and an instrument of exploitation.”
Here are three reasons why billionaire taxes are easy.
Tax payment is one of the best services to your country
Once upon a time, paying taxes was considered a privilege.
In my hometown of Toronto, there lived a very wealthy man named John Angus “Bud” McDougald.He, along with his three other wealthy Toronto investors, once controlled Some of Canada’s most successful businesses.
In Peter C. Newman’s book, founding of canada, McDougald was quoted as saying, “I’m the only person in this room who has paid over $1 million in personal income taxes each year for the last 16 years.”
Indeed, McDougald was proud. However, he also recognized that it was a privilege to be in a position where he could contribute to society in such a tangible way.
Do today’s millionaires feel this way? Some do. Most likely not.
In October 2013, former debt mogul Bill Gross announced his support for a 1% tax increase.: “Instead of approaching the tax reform debate in terms of the huge share of the total income tax paid by the top 1%, think about how much of the national income you have been privileged to take.”
Take 1 pound of meat from the crook
Source: ©iStock.com/bowie15
Indian billionaire Gautam Adani is the seventh richest person in the world, according to an Oxfam report. Bloomberg Billionaire Index — his wealth soared by 46% in 2022.
If the Indian government were to tax Adani’s unrealized capital gains over the five-year period from 2017 to 2021, it would raise about $22 billion, the report said.
Instead, if recent news is to be believed, Adani’s wealth is about to get a big haircut, and with it a bigger contribution from the potential billionaire’s tax dollars. According to Hindenburg Research, Adani is a large-scale inventory operations Decades of fraudulent accounting schemes.
“The Adani Group has to date been the focus of four major government fraud investigations alleging money laundering, theft of taxpayer funds and corruption, totaling an estimated US$17 billion.” State Hindenburg press release dated 24 January.
While this could unravel very quickly for Adani, and could wreak havoc on India’s economy in the process, the country’s coffers will get little payoff.At least billionaire. tax, they would have gotten a pound of meat from the alleged crook.
High income earners pay 70% tax
Source: Shutterstock
Nobel Prize-winning economist Joseph Stiglitz believes that a global income tax of 70% versus 1% would go a long way toward reducing inequality.
“If we taxed more, people at the top might work a little less. former World Bank chief economist said on Oxfam’s Equals podcast. Guardian soon report.
Stiglitz suggests that many millionaires inherit wealth and do little for society beyond toys and experiences with friends and family. I am rephrasing it with
He said that Senator Elizabeth Warren’s proposal to tax 2% to 3% of the wealthy’s wealth each year was “very reasonable” and “really needed to raise revenues that could alleviate some of our country’s problems.” It will be a long road,” he suggests.
I couldn’t agree more. But again, paying taxes is a privilege. we are all in this together.
Will Ashworth on publication date I did not have any positions (directly or indirectly) in any of the securities mentioned in this article. The opinions expressed in this article are those of the author. InvestorPlace.com Publication guidelines.
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