Send a Tweet
Most Popular Choices
Poll Analyses
Share on Facebook 3 Share on Twitter Printer Friendly Page More Sharing
OpEdNews Op Eds    H3'ed 11/28/20

Taxing the Super-Rich to Help the Poor

By       (Page 1 of 2 pages) (View How Many People Read This)   1 comment
Author 500573
Message Arshad M Khan

What was traditional became law in 1941 when Thanksgiving was designated as the fourth Thursday in November. Large turkeys, plenty of trimmings and family gatherings became the norm. . . that is until this year of the self-isolated holiday. Small turkeys disappeared fast leaving masses of 20 lb birds and presumably more leftovers and more waste. Yes, w e belong to the lucky 13.5 percent in this world through an accident of birth.


Half of the world's population lives on less than $5.50 per day. Of these, three quarters of a billion are in extreme poverty, classified as less than $1.90 per day. Covid 19 has swelled these numbers by 114 million and the situation is dire. Worst affected by poverty are the day laborers i.e. informal workers without a regular job. Moreover, the ILO (International Labor Organization) estimates 200 million job losses from Covid. It also notes that the average income of informal workers in places like Ethiopia, Haiti, and Malawi has already fallen by 82 percent.


The US is not immune. Adjusting for purchasing power the US Census Bureau classifies 11.1 percent of the population as poor with Covid exacerbating the situation. Forty seven million have to rely on food banks including 16 million children. Hardly surprising then that the US has the highest child mortality rate among the 20 OECD countries (major economies) as reported by the U.S. Health Affairs journal. And life expectancy has shrunk by three years, affirms the U.S. Census Bureau.


Even in Europe with its social net and social conscience, Covid 19 is estimated to increase poverty by about half if the pandemic lasts until the summer of 2021. Italy alone, forecasts Caritas Italiana, will have a million more children living in poverty.


In April of this year UNCTAD (United Nations Conference on Trade and Development) warned that at least $2.5 billion was needed to lessen the impact of the impending crisis within the narrow purview of their remit.


So where is the money to come from? If taxing the rich is unlikely to pass in most legislatures for the most obvious of reasons -- they paid for them to be there -- how about taxing only the super-rich, the storied 1 percent?


The wealth of the billionaire class has surged. While 45.5 million filed for unemployment in just three months, the U.S. added 29 more billionaires and the wealth of the billionaire class surged nearly 20 percent or $584 billion, from $2.948 to $3.531 trillion, during the same period. Just the top five billionaires, namely, Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffet and Larry Ellison increased their wealth by a whopping $101.7 billion between March 18 and June 17 of this year. Bezos and Zuckerberg alone made $76 billion or almost three-quarters. To be fair one has to point out that the stock market took a sudden dip in March from which it recovered to new highs.

It's shocking that just 10 percent of their $584 billion gain would have bailed out their compatriots classified as poor over the same period. Is it time for a tax on the super rich? Warren Buffett has often said that he needs to be taxed more. The fact is a small extra tax would not make an iota of difference in their lives but would help out millions of the poor and also the economy because the latter are much more likely than the rich to spend the money.



Next Page  1  |  2

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).

 

Supported 1   Valuable 1  
Rate It | View Ratings

Arshad M Khan Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Arshad M Khan is a former Professor. Educated at King's College London, Oklahoma State University and the University of Chicago, he has a multidisciplinary background that has frequently informed his research. He was elected a Fellow of the (more...)
 
Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

a Chilling Documentary, the UN Discusses the Rohingya and an International Judges Tribunal Declares Genocide

Assad Is Not an Idiot

Trump Tweets Scorn As Weather Disasters Sweep World

Is the U.S. Losing Its Clout?

Oh Say Can We Really See ...

Unusual Independence Day Military Display -- An Iran Bluff or Could It Signal a War?

To View Comments or Join the Conversation: