Time For The Rich To Pay Taxes!

Many parts of the world are suffering the biggest financial turmoil for many decades and yet there are tens of thousands of individuals across the globe who pay but a tiny fraction of the taxes they should. Of course, by that I mean the super rich! A band of selfish, greedy, self-important, conniving, shady, lying, cheating…. Oh Dear! Did I go too far??? I am sure many of the super rich will be quite upset at these words, but thank god for free speech and the right to express your opinions in a democratic world.

And These Are Just The European OnesNow to the nitty gritty! Why do I write such things about the super rich? The reason is a major study has taken place, much to the dis-satisfaction of those who are the subject of it, into tax-free havens and the huge amounts of money that are squirreled away in secret bank accounts on many of these secretive off-shore hide-aways.

It may astound you to know that the wealth hidden away at the end of 2010 is equal to the size of the US and Japanese economies combined i.e. $21 TRILLION! That is 21 times 1,000 billion dollars. This far reaching investigation is the work of James Henry, a former chief economist at the consultancy McKinsey, and was carried out at the request of the Tax Justice Network.

There can be little doubt that should you have lots of money it is easy to hide it away in many of the tax havens like Switzerland, Lichtenstein, Luxembourg and Monaco and the off-shore havens like The Bahamas, the Cayman Islands and the Virgin Islands. The more money you have, so the more your ability to employ the right people to move it around and avoid paying taxes.

…Except About His Tax Returns!

Being an average individual with a high moral code and set of standards, I find it distasteful to say the least that those among us with the most money get away with not paying taxes on their income while the rest of us ordinary folk get bled dry to pay for their excesses. I know for sure that I could not live with myself knowing that my tax contribution would put an end to ordinary people being thrown out of their homes for not being able to pay the mortgage while I sat in my castle counting my ill-gotten gains. It is without doubt one of the greatest injustices in the world today. I can well understand why Mitt Romney doesn’t want the world to know how much tax he has paid in recent years! It’s probably a fraction of what he should have paid.

You have to look at it this way, if all these privileged people paid the taxes they are supposed to, the current financial crisis would be over in  minutes. People would be back in work, homes would be secure and everyone would know their is some justice in the world.

So I have to ask, why cannot the governments of the world come together at the United Nations and put an end to this disgrace by shutting down all these tax-free havens? If there was nowhere for these people to hide their vast fortunes they would have no choice but to start paying taxes. If they did, the tax rates everywhere could be brought down to a realistic level for all, including the rich.

It is unfair on society that the majority must pay the lion’s share of taxes so the rich can make more money! Most of these people have more than they could spend in two lifetimes, and yet they are so greedy and heartless, they stand idly by and watch as hardworking people are thrown out of their homes, quietly rubbing their hands with glee at their massed wealth.

Bill & Melinda Gates and Warren Buffett

As most readers of this blog will know, I like to be fair, and in doing so, I have to mention that some super rich people do use their money for good causes. Bill Gates, co-founder of Microsoft is one such person, who with his wife Melinda, formed the world’s largest transparent private foundation i.e. the Gates Foundation. It is dedicated to globally enhance healthcare and reduce extreme poverty, and in America, to expand educational opportunities and access to information technology. The billionaire Warren Buffet works with Bill and Melinda Gates, and there are other rich people who do charity work with their wealth, it’s just a shame there are not enough like them, for there are countless others who hide their money away and do everything they can to avoid the tax man. I have nothing against people getting rich, but I do balk at the idea of them doing it at the expense of everyone else.

Money, like power, has become the number one drug everyone is addicted to, and no matter how much some people have, they always want more. It is definitely time to change the rules so that all men, and women, pay their dues in today’s society. Will it happen? Not on your life because most government’s could not stand without the backing of these powerful people, and they are out to protect themselves at all costs.

Roy.

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