Sunday, January 07, 2018

Capitalism is obscene

Governments are collecting less from the rich and businesses, limiting their ability to provide services that benefit everyone. According to The Toronto Star and Corporate Knights magazine, the last time corporations paid the same in taxes as people was 1952

 The share of Canadians earning less than the average wage has continued to climb over the past two decades. Ekos pollster Frank Graves found fewer Canadians, he identify with being in the “middle class” and more and more Canadians are feeling pessimistic about their futures. Nearly three decades of government policies have created the conditions for inequality to soar, including stagnating wages and incomes. Pay for Canada’s top 100 CEOs continues to soar, growing a whopping 8 per cent on average in 2016. Indeed, CEOs earned an average of $10.4 million while average incomes for the rest of Canadians fell behind in real terms, failing to grow at even the rate of inflation, barely budging up by a miniscule 0.5 per cent. The average CEO makes an astonishing 209 times more in a year than the average worker.

102 of the country’s biggest corporations avoided paying $63 billion in taxes over the last six years, or over $10 billion a year.

Global inequality has steadily gotten worse over the past 40 years, with the top 1 per cent capturing twice as much wealth as the bottom 50 per cent of the population.
The richest 500 people on the planet saw their wealth grow by an astounding $1 trillion in 2017.
It is obscene.

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