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Ten richest have advanced half a trillion since lockdown
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The world's 10 richest people have received an increase of half a trillion dollars (US$500,000,000,000) since the virus hit.
https://www.dailymail.co.uk/news/art...VID-world.html
The world's poor will probably take 10-15 years to recover from it.
Distortions in the tax system in many countries favouring the super rich are the main reason why this is occurring, but there are also vast global monopolies now held by just a few people.
The effect of this will be that the great majority of people continue to struggle to gain a decent livelihood and will be under increasing pressures to take on debt. Their children will face a future worse than the current generation.
https://www.dailymail.co.uk/news/art...VID-world.html
The world's poor will probably take 10-15 years to recover from it.
Distortions in the tax system in many countries favouring the super rich are the main reason why this is occurring, but there are also vast global monopolies now held by just a few people.
The effect of this will be that the great majority of people continue to struggle to gain a decent livelihood and will be under increasing pressures to take on debt. Their children will face a future worse than the current generation.
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#3
(Original post by Gofre)
Don't worry though, trickle-down economics will kick in any day now.
Don't worry though, trickle-down economics will kick in any day now.
I'm sullenly jealous of any bugger that was holding Bitcoin and such though, I sold mine off about 10 months ago
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(Original post by Gofre)
Don't worry though, trickle-down economics will kick in any day now.
Don't worry though, trickle-down economics will kick in any day now.
It's been about 35 years at least since the trickle-down theory was first widely proposed by politicians and there's no sign of it working so far. Seems like maybe time's up on that one.
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#5
The only reason why you didn't make the list is you haven't been working hard enough.
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#6
I find this level of wealth sickening. I respect that this is largely spreadsheet wealth (owing to the explosion of tech stock prices over the past few years) but how it can be seen as just & proper for somebody to have amassed this level of fortune is beyond belief. We have a tax system that is rigged in their favour (see Panama Papers) and a political system that is too afraid and/or corrupt to confront this abomination.
I don't have the answers - especially in this digitalised and globalised world were wealth can be funnelled, shielded, moved around at the drop of a hat - but it is something I am incredibly uncomfortable with.
I don't have the answers - especially in this digitalised and globalised world were wealth can be funnelled, shielded, moved around at the drop of a hat - but it is something I am incredibly uncomfortable with.
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(Original post by Burridge)
I find this level of wealth sickening. I respect that this is largely spreadsheet wealth (owing to the explosion of tech stock prices over the past few years) but how it can be seen as just & proper for somebody to have amassed this level of fortune is beyond belief. We have a tax system that is rigged in their favour (see Panama Papers) and a political system that is too afraid and/or corrupt to confront this abomination.
I don't have the answers - especially in this digitalised and globalised world were wealth can be funnelled, shielded, moved around at the drop of a hat - but it is something I am incredibly uncomfortable with.
I find this level of wealth sickening. I respect that this is largely spreadsheet wealth (owing to the explosion of tech stock prices over the past few years) but how it can be seen as just & proper for somebody to have amassed this level of fortune is beyond belief. We have a tax system that is rigged in their favour (see Panama Papers) and a political system that is too afraid and/or corrupt to confront this abomination.
I don't have the answers - especially in this digitalised and globalised world were wealth can be funnelled, shielded, moved around at the drop of a hat - but it is something I am incredibly uncomfortable with.
We also need proper taxes on inheritance. A threshold should be set (say, £10m) over which it becomes more and more difficult to inherit vast amounts. Many super rich get around inheritance taxes by using Trust mechanisms. These also need to be legally revised.
It's a matter of government will, but of course, they apparently lack the will, largely because they operate on behalf of the billionaire class and not us, the people.
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#9
I just bought a few shares of Berkshire Hathaway, Amazon and Netflix today.
I hope to join the list soon
I hope to join the list soon
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#10
Its just not fair. The rich get richer and the poor get poorer, but the moderately well off just go on being moderately well off. 😡
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#11
(Original post by Fullofsurprises)
It's been about 35 years at least since the trickle-down theory was first widely proposed by politicians and there's no sign of it working so far. Seems like maybe time's up on that one.
It's been about 35 years at least since the trickle-down theory was first widely proposed by politicians and there's no sign of it working so far. Seems like maybe time's up on that one.
One does admit that it does not work for incomes. The driving factor in employment and wage growth is not whether an investment banker has to pay 28% or 47% income tax albeit morally the top rate should not be increased.
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#12
(Original post by caravaggio2)
Its just not fair. The rich get richer and the poor get poorer, but the moderately well off just go on being moderately well off. 😡
Its just not fair. The rich get richer and the poor get poorer, but the moderately well off just go on being moderately well off. 😡
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#13
(Original post by Fullofsurprises)
There needs to be a return to proper taxation practises. It is far too easy for these global corporations to avoid paying taxes. A proper digital tax would resolve some of it. The UK could end much of the tax evasion and avoidance. This country ultimately controls many of the tax havens. They hide behind a pretense of pseudo-independence. The British government should and could activate laws to prevent them from engaging in the widespread facilitation of tax removal from legitimate countries like the UK. The EU also needs to be pressured to end their cosy arrangements using Luxembourg and Monaco as internal tax havens, amongst others.
We also need proper taxes on inheritance. A threshold should be set (say, £10m) over which it becomes more and more difficult to inherit vast amounts. Many super rich get around inheritance taxes by using Trust mechanisms. These also need to be legally revised.
It's a matter of government will, but of course, they apparently lack the will, largely because they operate on behalf of the billionaire class and not us, the people.
There needs to be a return to proper taxation practises. It is far too easy for these global corporations to avoid paying taxes. A proper digital tax would resolve some of it. The UK could end much of the tax evasion and avoidance. This country ultimately controls many of the tax havens. They hide behind a pretense of pseudo-independence. The British government should and could activate laws to prevent them from engaging in the widespread facilitation of tax removal from legitimate countries like the UK. The EU also needs to be pressured to end their cosy arrangements using Luxembourg and Monaco as internal tax havens, amongst others.
We also need proper taxes on inheritance. A threshold should be set (say, £10m) over which it becomes more and more difficult to inherit vast amounts. Many super rich get around inheritance taxes by using Trust mechanisms. These also need to be legally revised.
It's a matter of government will, but of course, they apparently lack the will, largely because they operate on behalf of the billionaire class and not us, the people.
There's also a question of definition. Is Ireland a tax haven, is the UK, where do we draw the line.
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#14
(Original post by Fullofsurprises)
The world's 10 richest people have received an increase of half a trillion dollars (US$500,000,000,000) since the virus hit.
https://www.dailymail.co.uk/news/art...VID-world.html
The world's poor will probably take 10-15 years to recover from it.
Distortions in the tax system in many countries favouring the super rich are the main reason why this is occurring, but there are also vast global monopolies now held by just a few people.
The effect of this will be that the great majority of people continue to struggle to gain a decent livelihood and will be under increasing pressures to take on debt. Their children will face a future worse than the current generation.
The world's 10 richest people have received an increase of half a trillion dollars (US$500,000,000,000) since the virus hit.
https://www.dailymail.co.uk/news/art...VID-world.html
The world's poor will probably take 10-15 years to recover from it.
Distortions in the tax system in many countries favouring the super rich are the main reason why this is occurring, but there are also vast global monopolies now held by just a few people.
The effect of this will be that the great majority of people continue to struggle to gain a decent livelihood and will be under increasing pressures to take on debt. Their children will face a future worse than the current generation.
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#15
(Original post by Burridge)
I find this level of wealth sickening. I respect that this is largely spreadsheet wealth (owing to the explosion of tech stock prices over the past few years) but how it can be seen as just & proper for somebody to have amassed this level of fortune is beyond belief. We have a tax system that is rigged in their favour (see Panama Papers) and a political system that is too afraid and/or corrupt to confront this abomination.
I don't have the answers - especially in this digitalised and globalised world were wealth can be funnelled, shielded, moved around at the drop of a hat - but it is something I am incredibly uncomfortable with.
I find this level of wealth sickening. I respect that this is largely spreadsheet wealth (owing to the explosion of tech stock prices over the past few years) but how it can be seen as just & proper for somebody to have amassed this level of fortune is beyond belief. We have a tax system that is rigged in their favour (see Panama Papers) and a political system that is too afraid and/or corrupt to confront this abomination.
I don't have the answers - especially in this digitalised and globalised world were wealth can be funnelled, shielded, moved around at the drop of a hat - but it is something I am incredibly uncomfortable with.
Amazon has global revenues in excess of 300bn and Bezoz only owns 11%. You can argue about whether the multiple of the valuation is fair but there's a fair argument that he is genuinely worth more than 30bn right now. Short of banning stock ownership (why slave away to create and run Amazon in the long run) there's not much you can do if people buy his products.
I should say that personally I have no objection to wealth upto about 10bn at all. A socialist government has no right to tell me that I can't find space mining or genetic engineering with my billions albeit above that level it does seem somewhat excessive and a tad pointless (though I also object to Gates and co helping Africans rather than Americans/westerners).
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#16
(Original post by Pythian)
I just bought a few shares of Berkshire Hathaway, Amazon and Netflix today.
I hope to join the list soon
I just bought a few shares of Berkshire Hathaway, Amazon and Netflix today.
I hope to join the list soon
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