EU governments are losing out on a staggering 286.5 billion euros in revenue annually, equivalent to 33 million euros per hour, due to their failure to fairly tax Europe’s wealthiest. This amount, equivalent to Finland’s GDP, represents what a European wealth tax of up to 5 percent could raise every year, according to Oxfam’s analysis.
Tag: wealth (page 1 of 3)
Four years after the start of the Covid-19 pandemic, the United States has 737 billionaires with a combined wealth of more than $5.5 trillion.
Total U.S. Billionaire Wealth: Up 88 Percent over Four Years – Inequality.org
Corporate tax dodging and CEO pay have both gotten so far out of control that a significant number of major U.S. companies are paying their top executives more than they’re paying Uncle Sam.
Corporations That Pay Their Executives More Than Uncle Sam – Inequality.org
… and what to do about it?
There is an elephant in the room. Stocks of wealth – assets such as property, savings, and investments that can be given a monetary value – have soared in recent decades. According to the Wealth Inequality Database, average wealth in the UK has doubled from £100k per head in 1985 to £200k per head in 2021. To put this another way, it took several millennia for wealth in Britain to reach the £100k threshold. And then, a mere 36 years later, this stock of wealth had doubled: a bonanza unprecedented in human history.
Why wealth inequality matters – and what to do about it! | LSE Inequalities
Ban the Unions! They mean it!
America’s Richest Men Ask the Courts to Make Unions Illegal – The American Prospect
The extraction of wealth is a pathology of late capitalism and is defined by the cultural and political processes by which the rich establish themselves as the dominant class. Social theorist and organizer Marjorie Kelly labels this phenomenon “wealth supremacy” which is also the title of her latest book. But as she points out in this exclusive interview for Truthout, wealth supremacy, which has institutionalized greed, defines a system that is not only biased but rigged against the great bulk of the population and thus detrimental to the economy, the citizens and the planet. She argues, in turn, that a movement to build a democratic economy is our only way out.
The Only Solution to “Wealth Supremacy” Is a Democratic Economy | Truthout
We are much closer to seeing the world’s first trillionaire than ending poverty. Why? Because our economic system works for the few richest individuals, often men, who reign over our economy.
Taxing wealth to break billionaire dominance (socialeurope.eu)
Oxfam called on Monday for governments to rein in corporate power by breaking up monopolies; instituting taxes on excess profit and wealth; and promoting alternatives to shareholder control such as forms of employee ownership.
It estimated that 148 top corporations made $1.8 trillion in profits, 52 percent up on 3-year average, allowing hefty pay-outs to shareholders even as millions of workers faced a cost of living crisis as inflation led to wage cuts in real terms.
As Davos crowd gathers, governments urged to rein in ‘billionaire class’ (yahoo.com)
Since 2020, the richest five men in the world have doubled their fortunes. During the same period, almost five billion people globally have become poorer. Hardship and hunger are a daily reality for many people worldwide. At current rates, it will take 230 years to end poverty, but we could have our first trillionaire in a decade.
The nex Oxfam Report!
The only way to steer American democracy to safety is to wrest money out of the claws of the wealthiest elites, who now control finances rivaling the economies of whole nations.
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