There seems to be a rebellious buzz springing forth to save us all from imminent poverty. Cool billionaires like Buffet and Gates are on board, stingy billionaires are crying foul. . .When billionaires disagree publicly, its probably because something is too good to be true.
Every country has a massive debt, Canada’s debt load is comparatively light to some countries. Canadians pay 50 billion a year in interest on the national debt- almost 1/3 as much as we bring in from all personal income tax. We also pay 1 billion in corporate welfare each year and we’ll bail out whatever is deemed ‘too big to fail’. Further, the government spends untold billions purchasing goods and services from corporations. Taxpayers are an extremely reliable customer.
National debts are mostly owned by banks who are owned by shareholders. In 2000, the world’s richest 1% owned 40% of the world’s assets. They are the people who own controlling shares of the world’s largest banks and corporations. They also hold most of the highest positions in government where they receive even more of our tax dollars. The next 9% most wealthy own 45% of the total. Most in this group are employed directly or indirectly by major banks and corporations. And of these people, who doesn’t keep their money in a bank, mutual fund or retirement savings? Most of the capital not directly owned by the top 1% is vested with them.
Now look at the world’s impoverished nations. They’re so heavily in debt they have no sovereignty. Unable to keep up with payments, the banks start dictating how they operate: provide no services and give all your resources/labour away dirt cheap. Western nations pledge debt relief, but its only sufficient to cover interest payments and never actually reaches those in need. This is evident from widespread global poverty. The UN estimated it would only take 40 billion a year to bring food, water, sewers, shelter and medicine to those who need it- less than Canada alone pays in debt interest!
What arrogance of the ‘middle’ class in western nations to think that they will be exempt from the same treatment by the top 1%. Its already happened in Greece; they are required to follow strict spending limits dictated by banks. Taxing the rich is debt relief, pure and simple. Its an insult. The real problem is that a tiny portion of the population which has the least need for money, when its all added up, is getting more of our tax dollar than the rest of us combined.
So we’re going to beg them to return tax money we just gave them, but only just enough to sustain ourselves? Are we stupid? No one sees a problem with that relationship? . . .Mommy is holding our change purse for us while we’re at the mall.
- Buffett Reveals ‘Billionaire Friendly’ Tax Return (abcnews.go.com)
- Buffett Takes Steps to Make His Tax Case – WSJ.com (policyabcs.wordpress.com)
- Warren Buffet owes $1 Billion In Back Taxes (truebluenz.com)
- SimTax of the Day (thedailywh.at)
- Buffett Made $63 Million Last Year, Paid 17% Tax Rate (tipggita32.wordpress.com)
Tags: 1%, Africa, bill gates, Billionaire, billionaires, canada, corporation, debt, economics, economies, Greece, Income tax, luxury tax, money, rich, super rich, tax, taxes, taxing wealth, warren buffett, wealth distribution