Person Counts What Could Be Done With Billionaires’ Money And It Gives You A Perspective On The Economy
Forbes reported that despite the pandemic, it was a record-setting year for the world’s wealthiest—with a $5 trillion surge in wealth and an unprecedented number of new billionaires. The number of billionaires on its 35th annual list of the world’s wealthiest exploded to 2,755—660 more than a year ago. Altogether they are worth $13.1 trillion, up from $8 trillion on the 2020 list. And that really saddened Jane Chung.
A few days ago, Chung published a Twitter thread, taking stabs at the individuals featured in the World’s Billionaires List as well as society which allows the rich to get richer and makes the poor even poorer. And she has a point. Extreme poverty rates are on the rise for the first time in 20 years. Continue scrolling and read what Chung had to say about this.
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Image credits: Jane24477
“It’s really difficult to imagine wealth of that magnitude,” Chung told Global Citizen. The Big Tech accountability advocate at the nonprofit Public Citizen said that after a certain point, another zero is just another zero, and adding more zeros doesn’t really register in our heads.
“I think putting it in terms of the real issues we’re facing in the world, most of them notably manmade and caused by capitalism, shows how they can be totally eradicated and solved with not even all of the wealth of the people involved in Big Tech,” Chung explained.
Image credits: Jane24477
Image credits: Jane24477
She said that her analysis surprised a lot of people. “The most common reaction was, ‘Yeah, I knew they were rich but I never thought about it in terms of how they could actually positively impact society, if they tried or had the desire to.”
Even though the thread was inspired by Chung’s anger and hopelessness at the state of inequality, its overall reception has transformed her negative emotions into positive ones.
“I think the responses I’ve gotten are inspiring a lot of hope in me,” Chung said. “Whether they’re folks who have been organizing toward abolition and other causes for a really long time, or folks who are just realizing that a few people hold all of this wealth in our society, I think a lot of people are really fired up about this, and that’s exciting for me. I hope that we can channel it for the better.”
Image credits: Jane24477
Image credits: Jane24477
Image credits: Jane24477
Image credits: Jane24477
Before the pandemic, Oxfam reported that 2,153 billionaires owned more wealth than the poorest 4.6 billion people worldwide. This level of inequality not only distorts economies by investing inordinate power in the hands of a small group of people, but also exacerbates the conditions of poverty, the United Nations said.
Inequality has been on the rise across the globe for several decades. Yes, some countries have reduced the numbers of people living in extreme poverty, but economic gaps have continued to grow as the very richest amass unprecedented levels of wealth.
Here’s what people think of the viral thread
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Share on FacebookBig tech companies are filthy rich because we all made them that way. If everyone didn't have to upgrade everything every few months to keep up with #trending, these f*****s would be broke. Before you all whinge about their wealth, have a good look at what you're buying!!
Sales is just one piece of the puzzle. It's also how fairly the company workers get treated and where cutdowns are being made. And of course, where are the resources mined. Is it well paid expert miners in countries with lots of safety regulations or is it poor miners who destroy their bodies in countries with no safety guidelines? So, I absolutely believe we all could learn to buy smart, be mindful of trends and repair before throwing. But big tech companies often do a larger amount of awful things than just products that become obsolete too fast.
Load More Replies...The first and biggest problem with this analysis if the fact that billionaires don't have all of theit wealth in cash.
The second problem is she thinks poverty can be eradicated by distributing money to poor, when the focus should be on generating wealth. She sees how much money they have, but not how much employment these companies generate (directly and indirectly).
Load More Replies...I don't mind these guys are so rich, what bothers me is that they got so rich while paying their employees as little as they can get away with. I don't want Bezos to stop world hunger, I only want him to pay his employees a living wage and didn't treat them like robots.
In which case, be prepared to pay more for things you buy. If you're cool with that, awesome, if you want to get the best price, then you're supporting low wages.
Load More Replies...I think the employees at Amazon did a little of the work it took to make Jeff so rich, yet Amazon did everything in it's power to scare employees to vote against a union. Jeff Bezos does not "work" that much harder than everyone else. He just exploits labor and sellers by forcing them to reduce the costs of their products so they make a minimum amount of profit and can't pay their employees well, while also not compensating Amazon employees for the wealth their labor generates and maintaining a serious injury rate that is almost three times higher the industry standard. Exploitation of labor, that is how these people make their money, the line about hard work is a little worn out when your own employees bust their asses for minimal compensation.
All the money in the world can't cure global hunger. Money doesn't make anything like food come into existence; it only motivates people to make it come into existence. In a time of famine, spending can help move food from places where the famine has not struck to places where it has... if, unlike during the East African famine of the mid-80s, you can keep it from simply propping up warlords. To defeat global poverty, you don't need food; you need schools and stable governments and some way of inspiring confidence in the local population that what you do will be what makes their lives better, in spite of the fact that they will relate better to the warlords who don't want you there.
~Now imagine what we could do with all the money the Catholic Church sits on
Oh yeah, we had to fight to get 2,000 dollars out of the government but the fortune 500 companies got 25 BILLION DOLLARS 'cause they "needed" the money to "stay afloat" (I'm looking at you American Airlines >:I )
Collectively, consumers and employees have a lot of power. If consumers stopped supporting those companies, and workers stopped working until they got better pay and working conditions, then that would be a step in the right direction. Of course, consumers are not likely to stop supporting those companies, and if workers did protest, then the rich companies would just find desperate workers elsewhere. It's a broken system.
You could tax them 100% of their total wealth including assets and successfully fund the US government for a whole *eight months*, for one time only! Or is that a thing people don't think of, that the government spends more money per year than all the billionaires have as non liquid assets?
Not really, because it all depends on how the government uses those funds. If it is used to improve the quality of life for its constituents, then it would only help fuel the economy up and produce even more wealth.
Load More Replies...Also understand how things are taxed. For example, if you earn 50K in whatever currency, your first 15K will be taxed at, say, X rate; the earnings from 16K-30 K at X-plus-two%; 30-50 K at X-plus-four%.... by the time you hit a million a year, that 40% is only tax rate on, say, the last 200K earned ------ the math isn't as easy as a bumper sticker makes it sound. TAX EXTREME HIGH INCOMES. They'll still be million/billionaires, but the rest of us might get a chance at education and healthcare!
Giving out cash is not the answer. But if these billionaires really wanted to help out, they could easily help start up small businesses and accessible education for all in the most impoverished countries and communities. Give people the means to be self sufficient. Set up free health care where it's most needed. Help local NGOs. They have so much more than they'll ever need. I can't for the life of me understand why they don't use some of all that surplus to help out others. And they could do so much for the environment too, if they wanted. Save rainforests, species, oceans.. They would never feel a loss with wealth like that. What is their reasoning for not doing that? They would gain so immensely much more in popularity too (which actually would benefit their brand and generate even more profit). I just don't understand.. Guess this world and most people are just selfish and mean. Ps. Hats off to J Dorsey from Twitter who donated 1/4 of his money to help out in the crises of COVID.
A very Western and flawed way of looking at global problems like hunger and poverty. You can not just throw money at those problems to make them disappear. Hunger and poverty are the end result of underlying issues in education and social structure. Giving everyone enough money to buy food will not solve anything. Use your stimulus check to educate yourself and then actually become part of the solution instead of blaming "the rich" for not trying to solve it by simple throwing their money into the hands of the "common people". A good amount of those Fortune 500 actually continuously reinvest their wealth into projects that help spearhead humanity as a whole forward.
I agree that the rich should pay more taxes. About using that money to end hunger though, not so sure. Hunger has causes that can't be fixed by money, such as government corruption in countries we've been pouring aid into for decades.
The bit I really hate is when actual tax payers subsidize salaries like at Walmart so people aren't below the poverty line. But the owners are some of the richest humans on the planet. I'm not mad at them - I'm mad at loopholes governments have allowed to be created.
The real problem here is that our current economic system works this way and every human being in it is just a small screw in a huge machine. These bazillionaires couldn't get rid of all their money if they tried to. The interest rate alone is so high for them, they are getting richer quicker than they can spend. Meanwhile people on the other end have no way out of poverty.
I think Elon Musk uses his wealth very wisely though. Thats one guy who the world needs to be wealthy
This analysis is ignorant and lazy, but serves as the perfect example of why there will always be a wealth gap.
Everyone on BP seems to be super in love with the work of Disney Studios. How much money do you think their executives make?
300 billion to end world hunger? The US spent 2.2 TRILLION on a stimulus package and they couldn't even end hunger in one city.
true, so that's exactly why we should TAX THE RICH.
Load More Replies...And this is precisely why I never listen to billionaires and their opinions on anything. Having worked in one of those corporations when I was young, I realized they are merely a cult.
The super rich need amazing security to protect them. Watch the end of Scarface. This is what is coming to the Billionaires if they don't start putting back in to what they take from.
The fat cats should regard paying living wages and treating their employees well as "revolution insurance." People who can live comfortably on what they earn and not worry about being f****d by their managers are far less likely to rebel.
Load More Replies...Umm, the "wealth" you are talking about here is simple paper wealth, it doesn't mean that the company or the individual has that amount with him, if you do careful research you'll be surprised to find that these billionaires rarely have cash or equivalents assets of more than a few millions. The figures that have been showcased as simply speculative since if they try to sell all their shares (which is their major source of wealth/net worth) the prices of the stocks would simply crash and hardly return a percent of the current price.
nothing will ever change lol...you will keep complaining on www, they will keep making money...utopia can not exist, ffs...you take money from them...there will be others who will take advantage of the new "system" and make money lol...and then if you give money to everyone...they will spend it buying s**t stuff and gambling cos thats all the education they have...so the money would go back lol...it cant possibly work lol
Please note that many of these "billionaires" give away a lot of money to charities and scientific research - CZI & Gates foundation to name but two.....
only where it is most visible, so they could spend millions bragging about it on the news.
Load More Replies...I kinda like the article,but still....i'm so tired people talking about problems.I want SOLUTIONS !!!!I know we could make this world a lot better place,we won't even need all of us to willing to work together.And we wouldn't even have to sacrifice everything that is dear to us or luxurius.
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It really pisses me off when I go to McDonald's and they are harping at me to give to X-Charity. First off, I'm eating at McDonald's, not the kind of cuisine I'd be eating if I had a few spare bucks. Number two, your McCEO made $18m year before last, $10m last year. You could take 75% of that and fully fund your charity and he would still be living very comfortably. It's almost as disgusting as the Kartrashian chick begging fans for $$$ for a hurt guy when she could buy the damn hospital, cure everyone in it, and still have about $500m left for pedi's and makeup. We are actually the ones who have created these monsters. We have to have everything NOW, it has to be BETTER than everyone else's, and it doesn't matter if it is quality or lasts. If everyone realized that 90% of the crap we buy is worthless and unnecessary, our lives would be so much simpler, and a lot of billionaires would become a lot poorer overnight.
I don't see any problem in people having a bit more. If they're smarter, if they work harder, even if they just are lucky - I see no problem. The problem starts where someones benefit is paid for by a greater disadvantage of someone else, who usually has no say in any of it at all. And ... being THAT rich is just obscene. You should be obligated (by society and acceptance, maybe that even is better than by the law) to invest a large portion of that enormous wealth into ending global problems. In fact, keeping people in poverty and out of basic human rights slows down the process of further civilization, which of course isn't even close being completed - we're just entering the first phase of true reevaluation I think ... at least, we should. Before it's too late.
Or they could provide a safe school and education to every child in the world
Roses are red, I'm bout to holler Absolutely NO-ONE Should have a billion dollars.
https://m.facebook.com/story.php?story_fbid=5790544704289752&id=100000028405260
The comment by a 'Roman AB' above is the only one that holds water. Dana etc. were founded by individuals with zeal, genius and strong desire to become somebody, most of them in hardly conducive environment. Wealth redistribution 'just because it's unfair' has failed its zealots more than once, check modern history examples. Taxes should be revised to, first of all, ensure proper education for maximum possible number of people. This is the only way out. The economic landscape has changed quite substantially for the past three decades indeed. This can be attributed to new technologies and new riches created by them. But then again, there's the question of us on the other side of Internet miracles. We avidly buy everything we're fed. In very real terms, you can't have an apple (Apple?:) and eat it. And if you gladly buy, they'll make more of it today and devise even better bait for tomorrow.
Unfortunately I've learnt that those with money will keep how much they have in secret, and that they hold onto it so tightly for themselves.
I'm all for creative people developing something to help out people in life, and making money with it. But the issues are always......how much money is TOO much? And what position does the money come into play in the persons life? ----------- Millionaires and billionaires are rich for a reason. But, depending on that reason, will depend on how people see their wealth. ........... 2 examples: Jeff Bezos started an online mall for sellers to sell their products and services. He made billions off of a simple idea. But, what does he DO with that money? He really didn't create anything, as online malls were already available. He just took it one step further. It's not like he's making billions a year off of life saving medical devices that he created, or anything like that. So, in this regard, his finances and money are always in question. He's made billions off the public and their businesses and their customers....but what does he DO with that money? Help the homeless?
Feed the starving? Donate to schools, hospitals, or nursing homes? Apparently not, unless it suits his financial attorneys, where he needs a write off of some kind. He buys personal mansions around the world, he buys mega yachts, airplanes, and all sorts of ego-maniacal, narcissistic things. So in this light, he is scrutinized, chastised, and demonized because he's used people to get his billions, but never shows appreciation for the fact that these sellers and businesses have used his online mall to sell their wares. Hell, he doesn't even treat his own employees in his warehouses like they matter!! One person only requires one million dollars a year to live comfortably and without restriction in the USA. And he makes billions a year, so why won't he share that? Even with his own employees?
Load More Replies...America's billionaires alone could solve the veterans care and housing, homeless hunger and housing, medical care for the same, fix the roads and buildings in disrepair, and they would all have millions to throw around as well as what they would still make after they each gave a billion away, for these causes. Of course, the dispersement of said funds would have to be by people who would do it fairly and equally. And their fees for doing this. The dirty, crooked people greedy for money that isn't theirs, is extraordinary. The companies doing the work, the same. Honesty in government, contracting, transportation is at such a lack! So, no one gets a cut of anything until the work is done. And then, the payments need to be all the same, and all supplies provided at cost.
I've suddenly have gotten a new perspective on all this exploitation of the lower class folk. Our entire lives is nearly dependant on them. Renters need to rent, we pay well over 40% of our monthly income so we have a place to rest our heads. Status is really just an illusion. When I see a Lambo I think that's it's a neat car but I'm not super impressed about it. I speak to some CEOs and other big company owners, some are just d***s, some just like others to think they're super busy and others are still very insecure that they have to try very hard to get someone working a front-end job to feel even more lower/impressed with their wealth. Like, I could care less if someone makes thousands an hour or a day. It's more than just how they pay their staff, the ridiculous employment policies and contracts that seem to run our whole lives. These rich guys really do think they own us. Lets not give them that satisfaction.
I remember looking everywhere for a simple thermometer last March. I caught Covid early on when all they had to do for us was tell us to go home and deal with it. There were thermometers on Amazon, of course, and eBay, all from China. The wait was 4-5 *weeks* and the price gouging was criminal. I was using a fish tank thermometer out of desperation. What made me sicker was seeing Amazon and other Big Tech who were getting richer and were the only place to go for even food at one point....do nothing. What did they "learn"? How are they paying it back? Everything from Aspirin to antibiotics to you name it is made in China. So did the Bazillionaires build or create factories so we can manufacture our own medicines and not be told we had to stay in line or weren't getting any by another country? Heck no. Bill Gates just became the largest farm land owner in the US. I dont see any of these people we've made rich, giving back in ways that don't just indulge greed
Taxing the rich...won't work. It's just going to make all the rich flee the country. It's what happened in Sweden: they taxed the rich, and they all ran away, including the IKEA founder and Bjorn Borg, the tennis player.
Some of these guys try to help. I am from Africa and some people - stupid naysayers I must add - are against the Gates-Melinda foundation saying that these guys are agents of the devil. The Foundation has been on the forefront fighting against malaria and Covid (I think) and all people see is their atheism. My point is even if these guys gave up all their money, some people will just cook some controversies about them. Plus, I doubt handouts are the way to eradicate poverty. Instead of hating on someone's luck learn to live with what you've got. Because let's face it most of these billionaires won't be even thousandaires if they lived a million lifetimes - they are billionaires by chance.
Impressive that just by doing ‘number crunching’ she figured out how to end world hunger and homelessness. I don’t buy it.
So.... What you are saying is that: Billionaires are Evil because they are living the American Dream? Also, are you suggesting that life should be fair?
She doesn't get 56 cent on her dollar because she's financially illiterate and her maths are off. Had she invested on the stock market, she'd also have gained a lot (especially when investing during the market low). Not Bezo's fault that she doesn't. And 0.01% interest means 1 cent per $100, not 1 cent per $1.
this is the toxic rich influencer attitude that I'm so sick of. if you can't pay rent, you can't invest! SIMPLE.
Load More Replies...i hate the fact THAT JEFF BEZOS MAKES 321 MILLION EVERY DAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
We now live in a society where instead of being inspired by those who succeed, people just want to pool down everybody so they can be as miserable as they are, and that is a very sad. If I agree that billionaires should get more taxed in the US, I don't think they're all evil. The world needs wealth and investors. Get over it. Who do you think is gonna invest in new technologies for the planet? Are we really gonna debate communism versus capitalism again?
I hate it when people say 'they earned that money, they deserved it' because a lot of the time, there are people working 10 times as hard as the rich, but who don't have access to the education or the investors or the opportunities or the inheritance that wealthy people do, so they deserve money but DON'T get it.
While I agree that these mega billionaires could do a lot to help the economy and those that are struggling, don't forget that a lot of their net worth is tied up in stocks and bonds. Those stocks pay for companies to expand and stay in business. Those Bonds help pay for schools, fund research at universities and build roads. The population of the world keeps expanding rapidly and the business world needs to keep up. Does this mean that these rich people shouldn't be taxed heavily...no. But maybe while we are taxing them we can encourage them to do the right thing by only accepting charitable contributions where the money goes directly to the people that need it the most...like giving money to hospitals to fund medical treatments for people that can't afford it. Like giving money to food banks and to build homeless shelters and low income housing. Like giving money to the state to help pay for services like utilities and transportation for those that can't afford it.
They'll probably gain back like 40 billion (top billionaires) in a year, so why not help cure world hunger?
y'all write entire paragraphs about how horrible these billionaires are, but will then proceed to drive your Tesla to go pick up your Amazon package.
This bint clearly doesn't understand business or personal wealth.
I can understand why billionaires should give, I think that's right before God. But I don't understand why people think they"deserve" someone else's money.
It’s their money, they built their empire with work, most of them coming from poor families, but they had the work ethic. If people had the same thing the world would be a much better place.
Many of them have not earned their money honestly and legally. They just started earning enough to be able to bribe and pay for cover-ups. Don't think big brands don't make their billions from just customers and clients. There's way more blood money than you think.
Load More Replies...Bunch of whiners. These people worked for what they have. They made a brilliant business. Get over yourself, it's their money and they get to earn whatever the hell they earn. You didn't come up with it. Maybe you didn't get an education. Maybe you are just lazy. Maybe you were dealt a super $hilly hand in life. None of that matters because it isn't your money. It's theirs. They don't have to cure world hunger. They don't have to pay for people's medical care who don't have a job. Or fund the governments insane defensive budget. They can burn it if they want to. IT. IS. THEIR. MONEY.
I agree with you that it's their money but I have an issue they got so rich partly because they pay their employees so little (as in Bezos could give all his employees a pay rise and still be a multi-billionaire - him being rich is not the problem, him being rich off the backs of poor hard-working people is). Also, you can't call a hard working car mechanic or a nurse lazy and still they get paid pennies. In addition, as I'm sure you know, not everyone is suitable for university education...
Load More Replies...I think Americans are BEGINNING to understand that their government is shafting them. In Europe we've had socialism and concepts of fairness NB that's socialism, not communism, I see that many in the US are not au fait with the difference. But to add to this many even there don't understand how badly they're shafted either. For example, the VAST majority of the money the UK Treasury draws in is from Income Tax from the lowest earners. Corporation Tax and other taxes on the rich draw in VERY little despite the ability for these to pay in much more. Things that ordinary people would call fraud and theft are simply called 'loopholes' by these groups and governments allow it because this is where their donations come from..
There is no socialism in europe. And when there was, it was terrible.
Load More Replies...I think people forget that Musk's family left South Africa because they were one of the families benefiting from and exploiting apartheid. You really think they gave up their old habits that easily? The only thing they know is exploitation.
Ross Perot paid over $1 billion in taxes and he still a billionaire. Get over yourself. Find a way to make your living. Envy is one of the seven deadly sins not your birthright.
It's truly incredible that you can look at this situation and think "oh she's just envious." It says a lot about you. Mainly that you might be a sociopath.
Load More Replies...They are owed something. It's called "Equality". Read the Oxford dictionary-thesaurus next time.
Load More Replies...Maybe, just MAYBE they should be able to have an actual toilet and not become an emotional flotsam after they leave?
Load More Replies...Nice try, but I don't think we will leave the thinking to you.
Load More Replies...I'm quite content with my level of wealth. Don't have much desire for more. Not jealous of them at all. I just think it is disgusting that people can hoard that much.
Load More Replies...Big tech companies are filthy rich because we all made them that way. If everyone didn't have to upgrade everything every few months to keep up with #trending, these f*****s would be broke. Before you all whinge about their wealth, have a good look at what you're buying!!
Sales is just one piece of the puzzle. It's also how fairly the company workers get treated and where cutdowns are being made. And of course, where are the resources mined. Is it well paid expert miners in countries with lots of safety regulations or is it poor miners who destroy their bodies in countries with no safety guidelines? So, I absolutely believe we all could learn to buy smart, be mindful of trends and repair before throwing. But big tech companies often do a larger amount of awful things than just products that become obsolete too fast.
Load More Replies...The first and biggest problem with this analysis if the fact that billionaires don't have all of theit wealth in cash.
The second problem is she thinks poverty can be eradicated by distributing money to poor, when the focus should be on generating wealth. She sees how much money they have, but not how much employment these companies generate (directly and indirectly).
Load More Replies...I don't mind these guys are so rich, what bothers me is that they got so rich while paying their employees as little as they can get away with. I don't want Bezos to stop world hunger, I only want him to pay his employees a living wage and didn't treat them like robots.
In which case, be prepared to pay more for things you buy. If you're cool with that, awesome, if you want to get the best price, then you're supporting low wages.
Load More Replies...I think the employees at Amazon did a little of the work it took to make Jeff so rich, yet Amazon did everything in it's power to scare employees to vote against a union. Jeff Bezos does not "work" that much harder than everyone else. He just exploits labor and sellers by forcing them to reduce the costs of their products so they make a minimum amount of profit and can't pay their employees well, while also not compensating Amazon employees for the wealth their labor generates and maintaining a serious injury rate that is almost three times higher the industry standard. Exploitation of labor, that is how these people make their money, the line about hard work is a little worn out when your own employees bust their asses for minimal compensation.
All the money in the world can't cure global hunger. Money doesn't make anything like food come into existence; it only motivates people to make it come into existence. In a time of famine, spending can help move food from places where the famine has not struck to places where it has... if, unlike during the East African famine of the mid-80s, you can keep it from simply propping up warlords. To defeat global poverty, you don't need food; you need schools and stable governments and some way of inspiring confidence in the local population that what you do will be what makes their lives better, in spite of the fact that they will relate better to the warlords who don't want you there.
~Now imagine what we could do with all the money the Catholic Church sits on
Oh yeah, we had to fight to get 2,000 dollars out of the government but the fortune 500 companies got 25 BILLION DOLLARS 'cause they "needed" the money to "stay afloat" (I'm looking at you American Airlines >:I )
Collectively, consumers and employees have a lot of power. If consumers stopped supporting those companies, and workers stopped working until they got better pay and working conditions, then that would be a step in the right direction. Of course, consumers are not likely to stop supporting those companies, and if workers did protest, then the rich companies would just find desperate workers elsewhere. It's a broken system.
You could tax them 100% of their total wealth including assets and successfully fund the US government for a whole *eight months*, for one time only! Or is that a thing people don't think of, that the government spends more money per year than all the billionaires have as non liquid assets?
Not really, because it all depends on how the government uses those funds. If it is used to improve the quality of life for its constituents, then it would only help fuel the economy up and produce even more wealth.
Load More Replies...Also understand how things are taxed. For example, if you earn 50K in whatever currency, your first 15K will be taxed at, say, X rate; the earnings from 16K-30 K at X-plus-two%; 30-50 K at X-plus-four%.... by the time you hit a million a year, that 40% is only tax rate on, say, the last 200K earned ------ the math isn't as easy as a bumper sticker makes it sound. TAX EXTREME HIGH INCOMES. They'll still be million/billionaires, but the rest of us might get a chance at education and healthcare!
Giving out cash is not the answer. But if these billionaires really wanted to help out, they could easily help start up small businesses and accessible education for all in the most impoverished countries and communities. Give people the means to be self sufficient. Set up free health care where it's most needed. Help local NGOs. They have so much more than they'll ever need. I can't for the life of me understand why they don't use some of all that surplus to help out others. And they could do so much for the environment too, if they wanted. Save rainforests, species, oceans.. They would never feel a loss with wealth like that. What is their reasoning for not doing that? They would gain so immensely much more in popularity too (which actually would benefit their brand and generate even more profit). I just don't understand.. Guess this world and most people are just selfish and mean. Ps. Hats off to J Dorsey from Twitter who donated 1/4 of his money to help out in the crises of COVID.
A very Western and flawed way of looking at global problems like hunger and poverty. You can not just throw money at those problems to make them disappear. Hunger and poverty are the end result of underlying issues in education and social structure. Giving everyone enough money to buy food will not solve anything. Use your stimulus check to educate yourself and then actually become part of the solution instead of blaming "the rich" for not trying to solve it by simple throwing their money into the hands of the "common people". A good amount of those Fortune 500 actually continuously reinvest their wealth into projects that help spearhead humanity as a whole forward.
I agree that the rich should pay more taxes. About using that money to end hunger though, not so sure. Hunger has causes that can't be fixed by money, such as government corruption in countries we've been pouring aid into for decades.
The bit I really hate is when actual tax payers subsidize salaries like at Walmart so people aren't below the poverty line. But the owners are some of the richest humans on the planet. I'm not mad at them - I'm mad at loopholes governments have allowed to be created.
The real problem here is that our current economic system works this way and every human being in it is just a small screw in a huge machine. These bazillionaires couldn't get rid of all their money if they tried to. The interest rate alone is so high for them, they are getting richer quicker than they can spend. Meanwhile people on the other end have no way out of poverty.
I think Elon Musk uses his wealth very wisely though. Thats one guy who the world needs to be wealthy
This analysis is ignorant and lazy, but serves as the perfect example of why there will always be a wealth gap.
Everyone on BP seems to be super in love with the work of Disney Studios. How much money do you think their executives make?
300 billion to end world hunger? The US spent 2.2 TRILLION on a stimulus package and they couldn't even end hunger in one city.
true, so that's exactly why we should TAX THE RICH.
Load More Replies...And this is precisely why I never listen to billionaires and their opinions on anything. Having worked in one of those corporations when I was young, I realized they are merely a cult.
The super rich need amazing security to protect them. Watch the end of Scarface. This is what is coming to the Billionaires if they don't start putting back in to what they take from.
The fat cats should regard paying living wages and treating their employees well as "revolution insurance." People who can live comfortably on what they earn and not worry about being f****d by their managers are far less likely to rebel.
Load More Replies...Umm, the "wealth" you are talking about here is simple paper wealth, it doesn't mean that the company or the individual has that amount with him, if you do careful research you'll be surprised to find that these billionaires rarely have cash or equivalents assets of more than a few millions. The figures that have been showcased as simply speculative since if they try to sell all their shares (which is their major source of wealth/net worth) the prices of the stocks would simply crash and hardly return a percent of the current price.
nothing will ever change lol...you will keep complaining on www, they will keep making money...utopia can not exist, ffs...you take money from them...there will be others who will take advantage of the new "system" and make money lol...and then if you give money to everyone...they will spend it buying s**t stuff and gambling cos thats all the education they have...so the money would go back lol...it cant possibly work lol
Please note that many of these "billionaires" give away a lot of money to charities and scientific research - CZI & Gates foundation to name but two.....
only where it is most visible, so they could spend millions bragging about it on the news.
Load More Replies...I kinda like the article,but still....i'm so tired people talking about problems.I want SOLUTIONS !!!!I know we could make this world a lot better place,we won't even need all of us to willing to work together.And we wouldn't even have to sacrifice everything that is dear to us or luxurius.
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It really pisses me off when I go to McDonald's and they are harping at me to give to X-Charity. First off, I'm eating at McDonald's, not the kind of cuisine I'd be eating if I had a few spare bucks. Number two, your McCEO made $18m year before last, $10m last year. You could take 75% of that and fully fund your charity and he would still be living very comfortably. It's almost as disgusting as the Kartrashian chick begging fans for $$$ for a hurt guy when she could buy the damn hospital, cure everyone in it, and still have about $500m left for pedi's and makeup. We are actually the ones who have created these monsters. We have to have everything NOW, it has to be BETTER than everyone else's, and it doesn't matter if it is quality or lasts. If everyone realized that 90% of the crap we buy is worthless and unnecessary, our lives would be so much simpler, and a lot of billionaires would become a lot poorer overnight.
I don't see any problem in people having a bit more. If they're smarter, if they work harder, even if they just are lucky - I see no problem. The problem starts where someones benefit is paid for by a greater disadvantage of someone else, who usually has no say in any of it at all. And ... being THAT rich is just obscene. You should be obligated (by society and acceptance, maybe that even is better than by the law) to invest a large portion of that enormous wealth into ending global problems. In fact, keeping people in poverty and out of basic human rights slows down the process of further civilization, which of course isn't even close being completed - we're just entering the first phase of true reevaluation I think ... at least, we should. Before it's too late.
Or they could provide a safe school and education to every child in the world
Roses are red, I'm bout to holler Absolutely NO-ONE Should have a billion dollars.
https://m.facebook.com/story.php?story_fbid=5790544704289752&id=100000028405260
The comment by a 'Roman AB' above is the only one that holds water. Dana etc. were founded by individuals with zeal, genius and strong desire to become somebody, most of them in hardly conducive environment. Wealth redistribution 'just because it's unfair' has failed its zealots more than once, check modern history examples. Taxes should be revised to, first of all, ensure proper education for maximum possible number of people. This is the only way out. The economic landscape has changed quite substantially for the past three decades indeed. This can be attributed to new technologies and new riches created by them. But then again, there's the question of us on the other side of Internet miracles. We avidly buy everything we're fed. In very real terms, you can't have an apple (Apple?:) and eat it. And if you gladly buy, they'll make more of it today and devise even better bait for tomorrow.
Unfortunately I've learnt that those with money will keep how much they have in secret, and that they hold onto it so tightly for themselves.
I'm all for creative people developing something to help out people in life, and making money with it. But the issues are always......how much money is TOO much? And what position does the money come into play in the persons life? ----------- Millionaires and billionaires are rich for a reason. But, depending on that reason, will depend on how people see their wealth. ........... 2 examples: Jeff Bezos started an online mall for sellers to sell their products and services. He made billions off of a simple idea. But, what does he DO with that money? He really didn't create anything, as online malls were already available. He just took it one step further. It's not like he's making billions a year off of life saving medical devices that he created, or anything like that. So, in this regard, his finances and money are always in question. He's made billions off the public and their businesses and their customers....but what does he DO with that money? Help the homeless?
Feed the starving? Donate to schools, hospitals, or nursing homes? Apparently not, unless it suits his financial attorneys, where he needs a write off of some kind. He buys personal mansions around the world, he buys mega yachts, airplanes, and all sorts of ego-maniacal, narcissistic things. So in this light, he is scrutinized, chastised, and demonized because he's used people to get his billions, but never shows appreciation for the fact that these sellers and businesses have used his online mall to sell their wares. Hell, he doesn't even treat his own employees in his warehouses like they matter!! One person only requires one million dollars a year to live comfortably and without restriction in the USA. And he makes billions a year, so why won't he share that? Even with his own employees?
Load More Replies...America's billionaires alone could solve the veterans care and housing, homeless hunger and housing, medical care for the same, fix the roads and buildings in disrepair, and they would all have millions to throw around as well as what they would still make after they each gave a billion away, for these causes. Of course, the dispersement of said funds would have to be by people who would do it fairly and equally. And their fees for doing this. The dirty, crooked people greedy for money that isn't theirs, is extraordinary. The companies doing the work, the same. Honesty in government, contracting, transportation is at such a lack! So, no one gets a cut of anything until the work is done. And then, the payments need to be all the same, and all supplies provided at cost.
I've suddenly have gotten a new perspective on all this exploitation of the lower class folk. Our entire lives is nearly dependant on them. Renters need to rent, we pay well over 40% of our monthly income so we have a place to rest our heads. Status is really just an illusion. When I see a Lambo I think that's it's a neat car but I'm not super impressed about it. I speak to some CEOs and other big company owners, some are just d***s, some just like others to think they're super busy and others are still very insecure that they have to try very hard to get someone working a front-end job to feel even more lower/impressed with their wealth. Like, I could care less if someone makes thousands an hour or a day. It's more than just how they pay their staff, the ridiculous employment policies and contracts that seem to run our whole lives. These rich guys really do think they own us. Lets not give them that satisfaction.
I remember looking everywhere for a simple thermometer last March. I caught Covid early on when all they had to do for us was tell us to go home and deal with it. There were thermometers on Amazon, of course, and eBay, all from China. The wait was 4-5 *weeks* and the price gouging was criminal. I was using a fish tank thermometer out of desperation. What made me sicker was seeing Amazon and other Big Tech who were getting richer and were the only place to go for even food at one point....do nothing. What did they "learn"? How are they paying it back? Everything from Aspirin to antibiotics to you name it is made in China. So did the Bazillionaires build or create factories so we can manufacture our own medicines and not be told we had to stay in line or weren't getting any by another country? Heck no. Bill Gates just became the largest farm land owner in the US. I dont see any of these people we've made rich, giving back in ways that don't just indulge greed
Taxing the rich...won't work. It's just going to make all the rich flee the country. It's what happened in Sweden: they taxed the rich, and they all ran away, including the IKEA founder and Bjorn Borg, the tennis player.
Some of these guys try to help. I am from Africa and some people - stupid naysayers I must add - are against the Gates-Melinda foundation saying that these guys are agents of the devil. The Foundation has been on the forefront fighting against malaria and Covid (I think) and all people see is their atheism. My point is even if these guys gave up all their money, some people will just cook some controversies about them. Plus, I doubt handouts are the way to eradicate poverty. Instead of hating on someone's luck learn to live with what you've got. Because let's face it most of these billionaires won't be even thousandaires if they lived a million lifetimes - they are billionaires by chance.
Impressive that just by doing ‘number crunching’ she figured out how to end world hunger and homelessness. I don’t buy it.
So.... What you are saying is that: Billionaires are Evil because they are living the American Dream? Also, are you suggesting that life should be fair?
She doesn't get 56 cent on her dollar because she's financially illiterate and her maths are off. Had she invested on the stock market, she'd also have gained a lot (especially when investing during the market low). Not Bezo's fault that she doesn't. And 0.01% interest means 1 cent per $100, not 1 cent per $1.
this is the toxic rich influencer attitude that I'm so sick of. if you can't pay rent, you can't invest! SIMPLE.
Load More Replies...i hate the fact THAT JEFF BEZOS MAKES 321 MILLION EVERY DAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
We now live in a society where instead of being inspired by those who succeed, people just want to pool down everybody so they can be as miserable as they are, and that is a very sad. If I agree that billionaires should get more taxed in the US, I don't think they're all evil. The world needs wealth and investors. Get over it. Who do you think is gonna invest in new technologies for the planet? Are we really gonna debate communism versus capitalism again?
I hate it when people say 'they earned that money, they deserved it' because a lot of the time, there are people working 10 times as hard as the rich, but who don't have access to the education or the investors or the opportunities or the inheritance that wealthy people do, so they deserve money but DON'T get it.
While I agree that these mega billionaires could do a lot to help the economy and those that are struggling, don't forget that a lot of their net worth is tied up in stocks and bonds. Those stocks pay for companies to expand and stay in business. Those Bonds help pay for schools, fund research at universities and build roads. The population of the world keeps expanding rapidly and the business world needs to keep up. Does this mean that these rich people shouldn't be taxed heavily...no. But maybe while we are taxing them we can encourage them to do the right thing by only accepting charitable contributions where the money goes directly to the people that need it the most...like giving money to hospitals to fund medical treatments for people that can't afford it. Like giving money to food banks and to build homeless shelters and low income housing. Like giving money to the state to help pay for services like utilities and transportation for those that can't afford it.
They'll probably gain back like 40 billion (top billionaires) in a year, so why not help cure world hunger?
y'all write entire paragraphs about how horrible these billionaires are, but will then proceed to drive your Tesla to go pick up your Amazon package.
This bint clearly doesn't understand business or personal wealth.
I can understand why billionaires should give, I think that's right before God. But I don't understand why people think they"deserve" someone else's money.
It’s their money, they built their empire with work, most of them coming from poor families, but they had the work ethic. If people had the same thing the world would be a much better place.
Many of them have not earned their money honestly and legally. They just started earning enough to be able to bribe and pay for cover-ups. Don't think big brands don't make their billions from just customers and clients. There's way more blood money than you think.
Load More Replies...Bunch of whiners. These people worked for what they have. They made a brilliant business. Get over yourself, it's their money and they get to earn whatever the hell they earn. You didn't come up with it. Maybe you didn't get an education. Maybe you are just lazy. Maybe you were dealt a super $hilly hand in life. None of that matters because it isn't your money. It's theirs. They don't have to cure world hunger. They don't have to pay for people's medical care who don't have a job. Or fund the governments insane defensive budget. They can burn it if they want to. IT. IS. THEIR. MONEY.
I agree with you that it's their money but I have an issue they got so rich partly because they pay their employees so little (as in Bezos could give all his employees a pay rise and still be a multi-billionaire - him being rich is not the problem, him being rich off the backs of poor hard-working people is). Also, you can't call a hard working car mechanic or a nurse lazy and still they get paid pennies. In addition, as I'm sure you know, not everyone is suitable for university education...
Load More Replies...I think Americans are BEGINNING to understand that their government is shafting them. In Europe we've had socialism and concepts of fairness NB that's socialism, not communism, I see that many in the US are not au fait with the difference. But to add to this many even there don't understand how badly they're shafted either. For example, the VAST majority of the money the UK Treasury draws in is from Income Tax from the lowest earners. Corporation Tax and other taxes on the rich draw in VERY little despite the ability for these to pay in much more. Things that ordinary people would call fraud and theft are simply called 'loopholes' by these groups and governments allow it because this is where their donations come from..
There is no socialism in europe. And when there was, it was terrible.
Load More Replies...I think people forget that Musk's family left South Africa because they were one of the families benefiting from and exploiting apartheid. You really think they gave up their old habits that easily? The only thing they know is exploitation.
Ross Perot paid over $1 billion in taxes and he still a billionaire. Get over yourself. Find a way to make your living. Envy is one of the seven deadly sins not your birthright.
It's truly incredible that you can look at this situation and think "oh she's just envious." It says a lot about you. Mainly that you might be a sociopath.
Load More Replies...They are owed something. It's called "Equality". Read the Oxford dictionary-thesaurus next time.
Load More Replies...Maybe, just MAYBE they should be able to have an actual toilet and not become an emotional flotsam after they leave?
Load More Replies...Nice try, but I don't think we will leave the thinking to you.
Load More Replies...I'm quite content with my level of wealth. Don't have much desire for more. Not jealous of them at all. I just think it is disgusting that people can hoard that much.
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