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turbinetree

(24,683 posts) Mon Jan 21, 2019, 12:22 PM Jan 2019

World's 26 richest people own as much as poorest 50%, says Oxfam

Charity calls for 1% wealth tax, saying it would raise enough to educate every child not in school

The growing concentration of the world’s wealth has been highlighted by a report showing that the 26 richest billionaires own as many assets as the 3.8 billion people who make up the poorest half of the planet’s population.

In an annual wealth check released to mark the start of the World Economic Forum in Davos, the development charity Oxfam said 2018 had been a year in which the rich had grown richer and the poor poorer.

It said the widening gap was hindering the fight against poverty, adding that a 1% wealth tax would raise an estimated $418bn (£325bn) a year – enough to educate every child not in school and provide healthcare that would prevent 3 million deaths.

https://www.theguardian.com/business/2019/jan/21/world-26-richest-people-own-as-much-as-poorest-50-per-cent-oxfam-report

10 replies

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World's 26 richest people own as much as poorest 50%, says Oxfam (Original Post) turbinetree Jan 2019 OP

Human disgrace and outrage. democratisphere Jan 2019 #1

They want the other half too jberryhill Jan 2019 #2

And why? Disgusting. This incessive behavior for more and more money is ridiculous and needs ... SWBTATTReg Jan 2019 #3

Why? jberryhill Jan 2019 #6

And that's just the top 26 TexasBushwhacker Jan 2019 #4

they didn't get that way on islands Hermit-The-Prog Jan 2019 #5

1% !! progressoid Jan 2019 #7

Bernie would fix this. Joe941 Jan 2019 #8

Where are his tax returns? Maru Kitteh Jan 2019 #9

K&R Scurrilous Jan 2019 #10

democratisphere

(17,235 posts)

1. Human disgrace and outrage.

Reply to turbinetree (Original post)

Mon Jan 21, 2019, 12:24 PM

Jan 2019

jberryhill

(62,444 posts)

2. They want the other half too

Reply to turbinetree (Original post)

Mon Jan 21, 2019, 12:30 PM

Jan 2019

SWBTATTReg

(22,065 posts)

3. And why? Disgusting. This incessive behavior for more and more money is ridiculous and needs ...

Reply to jberryhill (Reply #2)

Mon Jan 21, 2019, 12:46 PM

Jan 2019

to be addressed in a serious manner. Not pussyfooted around and ignored. Warren B., and others said to please increase their taxes, since ironically, their secretaries are paying more in taxes, percentage-wise, then they are (billionaires). This mantra about reducing taxes has got to stop, for it only means reducing taxes for the ultra rich, just like the 2017 tax cut and jobs bill did. 83% of the benefits went to the top tier earners.

jberryhill

(62,444 posts)

6. Why?

Reply to SWBTATTReg (Reply #3)

Mon Jan 21, 2019, 01:02 PM

Jan 2019

Because they don't have it.

TexasBushwhacker

(20,144 posts)

4. And that's just the top 26

Reply to turbinetree (Original post)

Mon Jan 21, 2019, 12:54 PM

Jan 2019

The Fortune 400, which lists the top 400 Americans, represents $2.9 TRILLION in wealth. That's $7.25 Billion EACH, up from $6.7 Billion in 2017 (8.2%). A person with just $1 Billion in the bank could spend $27 K PER DAY FOR 100 YEARS and still not exhaust their funds.

All this while Americans still aren't guaranteed healthcare, our infrastructure is crumbling, the minimum wage is the same as it was 10 years ago and public school teachers have to work 2 or 3 jobs to make ends meet.

WE WILL NOT SURVIVE as a nation without a sharply progressive income tax, a WEALTH tax and an inheritance tax.

Hermit-The-Prog

(33,254 posts)

5. they didn't get that way on islands

Reply to turbinetree (Original post)

Mon Jan 21, 2019, 01:01 PM

Jan 2019

The regressive GOP has been feeding that class for decades, and in turn been installed in power by them.

These oligarchs did not attain that wealth on islands and by themselves. They depend more heavily on public infrastructure and services than the general public that they exploit.