Taxing the Rich Solves Nothing

There seems to be a rebellious buzz springing forth to save us all from imminent poverty. Cool billionaires like Buffet and Gates are on board, stingy billionaires are crying foul. . .When billionaires disagree publicly, its probably because something is too good to be true.

Every country has a massive debt, Canada’s debt load is comparatively light to some countries. Canadians pay 50 billion a year in interest on the national debt- almost 1/3 as much as we bring in from all personal income tax.  We also pay 1 billion in corporate welfare each year and we’ll bail out whatever is deemed ‘too big to fail’. Further, the government spends untold billions purchasing goods and services from corporations. Taxpayers are an extremely reliable customer.

National debts are mostly owned by banks who are owned by shareholders. In 2000, the world’s richest 1% owned 40% of the world’s assets. They are the people who own controlling shares of the world’s largest banks and corporations. They also hold most of the highest positions in government where they receive even more of our tax dollars. The next 9% most wealthy own 45% of the total. Most in this group are employed directly or indirectly by major banks and corporations. And of these people, who doesn’t keep their money in a bank, mutual fund or retirement savings? Most of the capital not directly owned by the top 1% is vested with them.

Now look at the world’s impoverished nations. They’re so heavily in debt they have no sovereignty. Unable to keep up with payments, the banks start dictating how they operate: provide no services and give all your resources/labour away dirt cheap. Western nations pledge debt relief, but its only sufficient to cover interest payments and never actually reaches those in need. This is evident from widespread global poverty. The UN estimated it would only take 40 billion a year to bring food, water, sewers, shelter and medicine to those who need it- less than Canada alone pays in debt interest!

What arrogance of the ‘middle’ class in western nations to think that they will be exempt from the same treatment by the top 1%. Its already happened in Greece; they are required to follow strict spending limits dictated by banks. Taxing the rich is debt relief, pure and simple. Its an insult. The real problem is that a tiny portion of the population which has the least need for money, when its all added up, is getting more of our tax dollar than the rest of us combined.

So we’re going to beg them to return tax money we just gave them, but only just enough to sustain ourselves? Are we stupid? No one sees a problem with that relationship? . . .Mommy is holding our change purse for us while we’re at the mall.

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5 Responses to “Taxing the Rich Solves Nothing”

  1. remistevens Says:

    In case you’re questioning whether the top 1% really does get more of your tax dollar than the other 99%:

    Stats Canada 2009:
    Personal income tax revenue total: 190 billion
    Corporate tax revenue total: 50 billion
    GST: 30 billion
    270 Billion Total.

    To be more than total revenue a group would need to get more than 120 billion. So add it up:
    -Most of the 50 billion in interest goes to the top 1%
    -Corporate welfare 1 billion
    -Most of the corporate profits from gov purchases of goods and services
    -Compensation of all gov employees in the top 1%

    I’m not going to actually find these figures, its not relevant to an inequity that is quite obvious. If you’re a stickler for arbitrary integers and need to know you are right. You could claim that the top %2 of the population receives a majority portion of our tax revenue instead.

    Actually, if anyone knows if such figures exist, i’d love to see them….

  2. Exuvua Says:

    It looks like a pyramid [scheme] to me; one of those which has the apex separated from the body at the neck. A slick repetition of social division backed up by the law. It could have continued if there hadn’t been so much greed, inequity and irresponsibility. The top has taken too much, way too much, and has not recognized its debt to the society that allowed them to rise. The social economy is standing on a foundation which isn’t made of gold but of flesh and blood. In nature gold is worthless it only has a value among humans.

    “one of those which has the apex separated from the body at the neck” Didn’t the French already do that once?

  3. remistevens Says:

    Gated communities, luxury liners with permanent residences, Dubai. . . .

    Worse today than its ever been. There will always be an elite, but today its a little different in that there are no longer shortages. We have technology that could easily provide for everyone if the head was willing. Fact is, the rich are even more wrapped up in consumerism and competition than the rest of us. Its not that they want to cause suffering, its just the easiest way to get ahead. I think most of the head doesn’t know, doesn’t want to know what’s happening to the body.

    But the ones we elect, they know perfectly well what taking out pointless debt has done to the nations they represent. They are well educated and well connected. Party politics has been all about class warfare and separation…..and we lost.

  4. exuvia Says:

    Great, a track from the Remy Stevens Band.

    Nice rudimentary beginning ending in high tech; an evolving piece.

    Yes, we seem to have lost the battle… and we haven’t seen the bill yet… PEOPLE ARE GOING TO FREAK OUT.

  5. remistevens Says:

    i think we should dine and dash.

    Thanks Exuvia! Lots of new music in production. A rock album almost finished, an electronic album finished, and a pop crap album in the works…

    Also doing animations for an upcoming short documentary i’m pretty excited about.

    And trying to write a book…wow what a lot of work that is!

    Its been especially hard to keep up with the blog lately, but good to see youre still posting and perusing in the blogosphere.

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