Ten richest have advanced half a trillion since lockdown

Watch
Fullofsurprises
Badges: 20
Rep:
?
#1
Report Thread starter 1 month ago
#1
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.
1
reply
Gofre
Badges: 21
Rep:
?
#2
Report 1 month ago
#2
Don't worry though, trickle-down economics will kick in any day now.
3
reply
StriderHort
Badges: 21
Rep:
?
#3
Report 1 month ago
#3
(Original post by Gofre)
Don't worry though, trickle-down economics will kick in any day now.
Try to catch some on your tongue! :laugh:

I'm sullenly jealous of any bugger that was holding Bitcoin and such though, I sold mine off about 10 months ago :rolleyes:
0
reply
Fullofsurprises
Badges: 20
Rep:
?
#4
Report Thread starter 1 month ago
#4
(Original post by Gofre)
Don't worry though, trickle-down economics will kick in any day now.
:rofl:

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.
0
reply
Calibrated.
Badges: 12
Rep:
?
#5
Report 1 month ago
#5
The only reason why you didn't make the list is you haven't been working hard enough.
1
reply
Burridge
Badges: 17
Rep:
?
#6
Report 1 month ago
#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.
0
reply
Fullofsurprises
Badges: 20
Rep:
?
#7
Report Thread starter 1 month ago
#7
(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.
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.
0
reply
The RAR
Badges: 20
Rep:
?
#8
Report 1 month ago
#8
Life is so wicked, it's always the rich that benefit and the poor that suffer
0
reply
Pythian
Badges: 18
#9
Report 1 month ago
#9
I just bought a few shares of Berkshire Hathaway, Amazon and Netflix today.

I hope to join the list soon
1
reply
caravaggio2
Badges: 16
Rep:
?
#10
Report 1 month ago
#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. 😡
0
reply
Rakas21
Badges: 21
Rep:
?
#11
Report 1 month ago
#11
(Original post by Fullofsurprises)
:rofl:

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.
In fairness trickle down economics does work for business in the sense that lower taxation and employment regulation has generated more employment and for the majority of the Labour force, higher wages (there is about 10% of the Labour force that is more questionable).

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.
0
reply
Rakas21
Badges: 21
Rep:
?
#12
Report 1 month ago
#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. 😡
Asset appreciation made worse by QE which provides a massive incentive to invest in stock over bonds.
0
reply
Rakas21
Badges: 21
Rep:
?
#13
Report 1 month ago
#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.
The EU will never stop Luxembourg being a tax haven for the same reason we allow the Caymans/Bermuda. Tax havens globally will always exist and we'd just rather they were under our control/influence.

There's also a question of definition. Is Ireland a tax haven, is the UK, where do we draw the line.
0
reply
Rakas21
Badges: 21
Rep:
?
#14
Report 1 month ago
#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.
Why will the worlds poor take 15 years. Poor nations have generally been less impacted due to younger demographics and governments being unable to prioritise health over the economy.
0
reply
Rakas21
Badges: 21
Rep:
?
#15
Report 1 month ago
#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.
In fairness you likely contribute to that wealth.

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).
0
reply
imlikeahermit
Badges: 13
Rep:
?
#16
Report 1 month ago
#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
Look at some high risk funds first before individual shares. Below a certain level of investment share dealing is pointless.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Which of these would you use to help with making uni decisions?

Webinars (58)
13.52%
Virtual campus tours/open days (98)
22.84%
Live streaming events (39)
9.09%
Online AMAs/guest lectures (40)
9.32%
A uni comparison tool (98)
22.84%
An in-person event when available (96)
22.38%

Watched Threads

View All