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The rise of the billionaire class presents our societies with new challenging questions. Is it OK for private individuals to accumulate billions? Everyday people may think to themselves, I want to be able to accrue as much wealth as I can through my life, unhindered by governments. Unfortunately, the unfettered accumulation of vast wealth goes beyond simplistic equations like this. For instance, once a certain level of wealth is reached the growth of that wealth becomes exponential. Rich people make lots of money on the back of their ability to purchase assets that appreciate. Property, especially, residential property in places like Australia has been on a boom cycle of appreciation over the last 30 years. It has become the single greatest divider between rich and poor in this country.
“Many New Year’s traditions are meant to bring prosperity in the months ahead, but America’s relationship to wealth is complicated. As billionaires’ influence has grown, so too has skepticism. In a recent Washington Post/Ipsos poll, 58% of respondents said billionaires’ spending on campaigns is bad for the country.”
How Billionaires & Rich Folk Avoid Paying Tax On Their Wealth
Wealth is not properly taxed in Australia, as it is workers and their income tax which provide the revenue for government services downunder. Corporations often avoid paying company tax via various profit shifting accounting tricks to tax havens. Wealthy individuals often employ tax accountants to create family trusts and other tax minimisation schemes to enable them to avoid tax imposts. The reality is that it is poorer workers who bear the brunt of taxation in Australia, whilst wealthier folk and entities pay clever professionals to get out of paying their fair share of tax. Schemes like the capital gains tax discount, superannuation tax relief, and negative gearing have been introduced by federal governments to enable rich people to reduce their taxability substantially. In many ways, it is like we, the citizens of a nation, are not all playing by the same rules.
Divisive Taxation System That Favours The Wealthy
What this kind of thinking and division produces is a 2 speed economy. It, also, provokes among the wealthy, a distrust in their governments. Their focus is on their own wealth and not the public good. The truth is that all this money syphoned off from the nation into offshore bank accounts by billionaires and the seriously wealthy detracts from the commonwealth. Wealth begets wealth. Money makes more money. This reality means that the entire population is not pulling together for the betterment of the country. The haves are all about protecting their pile, whilst the ‘have nots’ are left to wonder why they keep getting poorer. Eventually, when there are enough poor people they will either turn the tide politically or rise up and take matters into their own hands. Eat the rich. Revolutions follow extreme wealth inequity and inequality, as a matter of course. History tells us that.
Billionaires Are Eating Your Lunch & Mine
Is it OK for private individuals to accumulate billions? Every billionaire means that hundreds of thousands of people are missing out on that money. Wealth does not come from nowhere, it comes out of our pockets. If you support governments, which facilitate the enrichment of the wealthy at your expense, you are a fool. Don’t let your identity politics blind you from what is really going on with the finances and the economy. Be brave instead and challenge the status quo. The recent election of Mamdani as New York mayor should not be a surprise, what is surprising is that it has taken so long for it to happen.
There are many more poor folk than the billionaire class. It is time to take back our communities and countries from those with their foot on our throats. Rise up!
The Dishonesty Of American Elites
“The Epstein files encapsulate the dishonesty of Americans at the epicentre of power. This long running saga, which has become a global talking point, intersects at the most important elements for American elites. Money, sex and power! The inability for the victims to achieve justice, apart from payoffs, illustrates the real America. Jeffrey Epstein collected elites like sports trading cards. Some of the most unlikely individuals pop up in his collection. I suppose the one thing that they had in common was a penis. Deepak Chopra, Noam Chomsky, Larry Summers, the formerly known as Prince Andrew, Bill Gates, Michael Jackson, Woody Allen, Robert F Kennedy Jnr, Ehud Barak, Kevin Spacey, David Copperfield, Jean Luc Brunel, and along with the more commonly associated names like Donald J Trump, Bill Clinton, Lex Wexner and Peter Mandelson.”
Robert Sudha Hamilton is the author of What Price Life?; America Matters: Pre-apocalyptic Posts & Essays in the Shadow of Trump; and other titles. NOW AVAILABLE AT APPLE BOOKS & GOOGLE PLAY BOOKS. Google Play Books AUDIOBOOK
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