$240 billion amassed by 100 richest people enough to end extreme poverty four times over: Oxfam

[xchrom]

http://www.rawstory.com/rs/2013/01/19/240-billion-amassed-by-100-richest-people-enough-to-end-extreme-poverty-four-times-over-oxfam/



The charity said the accumulation of wealth and income on an unprecedented scale, often at the expense of secure jobs and decent wages for the poorest, undermined the ability of people who survive on aid or low wages to improve their situation and escape poverty.

Oxfam said the world’s poorest could be lifted out of poverty several times over should the richest 100 billionaires give away the money they made last year.

Without pointing a finger at individuals, the charity argued that the $240bn (£150bn) net income amassed in 2012 by the richest 100 billionaires would be enough to make extreme poverty history four times over.

It is rare for charities to attack the wealthy, who are usually regarded as a source of funding. Bill Gates and Warren Buffett are among a group of 40 US billionaires who have pledged much of their wealth to aid projects, but there is little detail about the level of their annual donations. Their actions have also not been matched by Russian, Middle Eastern or Chinese billionaires.

[Honeycombe8]

1. I've heard that the U.S. is no longer the top country to better your financial situation....

it is no longer the country where you go to improve your situation from poor to middle class, or middle class to upper middle class. It is easier to do that in some other countries.

That is shocking and a testament to what has happened in our country.

Our country is being run by a group of corporations....an oligarchy, is it called?

The first step is to GET THE MONEY OUT OF CONGRESS...the extreme influence of lobbyists. The amount of $ needed by politicians to run for office.

But having said that, one politician who worked for that (McCain)...the people did not vote for him. So there you go. Not that I recommend voting for a Republican. But as I recall, this was his passion, and not even his opponents took up the torch on that (this was pre-Obama days).

I don't suggest taking all the money from the extremely wealthy and spreading it around to the extremely poor, because then that would kill the golden goose. Some (many?) would no longer work to gather the wealth, and that would end that. But the numbers do show that something has gone on in recent decades that must be corrected.

Productivity is at an all time high, while wages are not higher, and the wealthy got EXTREMELY wealthy during the recession.

[ananda]

2. It would only take 1/10th of billionaire assets..

.. to pay for quality education for every student in the USA, through college and grad school.

[Make7]

3. But... but... a rising tide lifts all boats...

...lower taxes mean more government revenue...
...and... and... [font style="font-variant:small-caps;"]Job Creators![/font]
[font style="text-transform:uppercase;"]Wolverines!!1!!1!!![/font]
[div style="margin: 0px 45% 0px 5%; width: 50%; height:1.2em; border-bottom:1px solid #999999;"]
Seriously though, kudos to Oxfam for saying what needed to be said.

[paleotn]

10. We tried that....

....Sorry. Didn't work as advertised. Oh, but it did "work" precisely as intended for those really behind the idea.

[Coyotl]

4. "... should the richest 100 billionaires give away the money they made LAST YEAR"

Emphasis (caps) added.

Therein is the solution, tax them!!

[CJCRANE]

5. Good point...

that is the amount they made in one year (2012), not their total wealth.

[paleotn]

11. Ding, ding, ding!!!....

We have a winner! That's precisely what we did in the US for most of the twentieth century. It also had the benefit of incentivizing top earners to keep their money in their businesses or various financial markets long term, instead of realizing it as income and having to pay tax. That's one reason behind the expansion of the US economy, creation of good paying jobs and the growth of a middle class over the same time period. Also, to some degree, it helps regulate financial bubbles. "Sorry, can't take my money out and invest it in something short term and stupid. I'd loose most of it in taxes, up front."

[Coyotl]

12. Yes, incentivizing economic activity used to happen

with tax breaks. But, Bush just wanted to enrich his class without encumberances of any sort. So, you did not have to invest in the economy to get a tax break. You got it by merit of being one of the rich few.

[DryRain]

6. That's whay it's hard for most to comprehend a billion $

That's one thousand million. A million, a thousand times over.

How about we tax each of them 1/2 of their earnings over the first million for 2 years , with no deductions, no exemptions, no tax havens, etc etc. Earn your first million (legally) and pay whatever taxes and take whatever exemptions you can, but for each and every dollar after that first milllion, pay 50% of it to one's government, with absolutely no way to scofflaw around it.

And by the way, a few people earned well over a billion. And literally thousands of people earned well over two million.

[SoapBox]

7. They make me sick...and

they are the Job Creators?

Bullshit.

[Ilsa]

8. This needs to get out beyond Rawstory.

If the 100 highest billionaires took a one year vacation from earnings, and that money was plugged into education, housing, medical care, etc for the poorest, extreme poverty and Want would cease.

But they are more worried about their stock prices.

[gtar100]

9. What good is it to not point fingers. These people should be called out at every chance.

Not that I'll hold my breath for them to grow a conscience but they get away with their theft by hiding the truth about who and what they are.

[progressoid]

13. Rec.