While many average earners complain of taxes, a group of the world’s wealthiest is saying they should be taxed more.
The disparity in earnings between the wealthiest and the middle and lower classes is such that some of those uber-rich are becoming concerned about social upheaval.
Jeff Rubin is the former chief economist at CIBC Markets and the author of the forthcoming book by Penguin Random House The Expendables: How The Middle Class Got Screwed by GlobalizationListen
A small group of millionaires and billionaires has been lobbying the U.S. government for some time to increase taxes on them. Now they’ve gone to the world stage realising that the disparity between rich and poor is a global phenomenon and needs to be dealt with internationally.
Rubin points out that even in Canada, the rich have been dodging some $3 billion in taxes on investments from the approximately $240 billion they have in offshore accounts.
He notes also that huge multinational corporations like Google, Facebook and others also book global revenues in low or no tax jurisdictions to avoid paying taxes as much as possible.
He says surveys show that people in dozens of countries no longer feel capitalism is working for them. Rubin notes the rise of so-called populism in democracies is evidence that people are looking to other messages than the prevalent centrist messages of politicians, and that in spite of claims to be for the workers and middle class, people don’t believe the mainstream politicians nearly as much as they have.
He notes that historically when social disparity becomes too great, social and/or political change has been the result and not always smoothly.
- Patriotic Millionaires
- CBC: D.Pittis: Jan 23/20: OpED: Millionaires at the World Economic Forum are demanding higher taxes
- CNBC: L.Hirsch: Jan 22/20: Patriotic Millionaires’ letter to Davos calls for ‘higher and fairer’ taxes on the global elite
- Wall Street Journal: Jun 26/19: An Open Letter to Patriotic Billionaires
- Press Progress: Jun 28/18: Canada Revenue Agency is Losing $25 Billion Per Year to Corporate Tax Dodgers and Offshore Tax Havens