The total capital of the world is accelerating in the hands of an ever smaller group of people. 62 people now have as much power as half the world’s population, it says in the report An Economy for the 1% of Oxfam Novib. Five years ago it was 388 people.
The assets of the 62 richest people in the past five years grew from $500 billion to $1760 billion dollars. The assets of the poorest part of the population fell by 1000 billion dollars.
Oxfam reports that the disparity between the richest and the rest of the world over the past year has grown dramatically. “It’s a shame that poverty is maintained while extreme inequality continues to increase”, said director Farah Karimi. “A major cause is the perverse tax behavior of extremely rich people and international companies. Government must put an end to the harmful role of tax havens.”
In tax havens is an estimated $7600 billion transferred to private wealth. “Even through the Netherlands they evade tax on a large-scale”, says Karimi. “The Netherlands should cooperate with other countries and put an end to tax havens.”
Google Worst Offenders
Multinationals funnelled at least 57 billion euros through the Netherlands, paying little tax in the process. Of those investigated, Google, IBM and ENI were the worst offenders.
The Internet search giant Google has avoided billions of dollars in income taxes around the world using a pair of tax shelter strategies known as the Double Irish and Dutch Sandwich. The tactics, permitted under tax law in the U.S. and elsewhere, move royalty payments from subsidiaries in Ireland and the Netherlands to a Bermuda unit headquartered in a local law firm.
The founders of Google: Larry Page and Sergey Brin have Jewish background.
The report comes on the eve of the annual World Economic Forum in Davos. In the Swiss town meets next week, the international economic and political elite. Guess who’s there too, Google Inc.
Our economy is designed to be good for the Elite not for the welfare of others, for future generations and for the planet, only for the one percent richest people of the world. Everything below the top are slaves even the fancy car driving champagne spraying people in Puerto Banús.