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Inequality: Difference between revisions
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The next, blue person, represents the next quarter of people on the earth. This section owns $10,000-$100,000 in wealth which is around 23% of the population on earth. If you combine the largest and second largest blue people together you can see that 7.5 billion people i.e. 91.6% of people earn less than $100,000. What's very revealing is that around 8.4% of the world's wealth, 41% belongs to the rest of the lucky 0.5 billion or 500 million people on earth. | The next, blue person, represents the next quarter of people on the earth. This section owns $10,000-$100,000 in wealth which is around 23% of the population on earth. If you combine the largest and second largest blue people together you can see that 7.5 billion people i.e. 91.6% of people earn less than $100,000. What's very revealing is that around 8.4% of the world's wealth, 41% belongs to the rest of the lucky 0.5 billion or 500 million people on earth. | ||
=== Tax rates === | === Tax rates === | ||
[[File:Tax havens.jpg|alt=Tax havens|thumb|'''Figure 2'''. Since the 70's tax havens have been becoming increasingly popular for | [[File:Tax havens.jpg|alt=Tax havens|thumb|'''Figure 2'''. Since the 70's tax havens have been becoming increasingly popular for corporations<ref>United Nations University. WIDER Working Paper 2022. Global profit shifting, 1975–2019. Ludvig Wier and Gabriel Zucman. Accessed on 14th February 2023 via: https://gabriel-zucman.eu/files/WZ2022WIDER.pdf</ref>.]] | ||
The majority of income earned on this planet goes to corporations. Ideally, as most countries are a democracy, governments should then tax corporations and redistribute some of the wealth to the people in the country that the money is earned. This was the case up until the 70's where due to globalisation many corporations, due to [[Fiduciary Duty|fiduciary duty]], now use registered tax havens to reduce their tax burden ('''Figure 2''') | The majority of income earned on this planet goes to [[Corporation|corporations]]. Ideally, as most countries are a democracy, governments should then tax corporations and redistribute some of the wealth to the people in the country that the money is earned. This was the case up until the 70's where due to globalisation many corporations, due to [[Fiduciary Duty|fiduciary duty]], now use registered tax havens to reduce their tax burden ('''Figure 2''') | ||
The rest of our economy's wealth goes to individuals however the majority of government taxes are based on income<ref name=":0">https://treasury.gov.au/review/tax-white-paper/at-a-glance#:~:text=The%20major%20sources%20of%20state,of%20local%20government%20tax%20revenue.</ref> not existing wealth. So someone like Jeff Bezos or Elon Musk might have a hundreds of billions of dollars in shares but as they havent been sold, there is no income and therefore no tax. Putting this aside for a moment, let's have a look at income taxes around the world. | The rest of our economy's wealth goes to individuals however the majority of government taxes are based on income<ref name=":0">https://treasury.gov.au/review/tax-white-paper/at-a-glance#:~:text=The%20major%20sources%20of%20state,of%20local%20government%20tax%20revenue.</ref> not existing wealth. So someone like Jeff Bezos or Elon Musk might have a hundreds of billions of dollars in shares but as they havent been sold, there is no income and therefore no tax. Putting this aside for a moment, let's have a look at income taxes around the world. | ||