You've already read the report from Oxfam, Working for the Few: "The world’s richest 85 people now hold as much wealth as the entire bottom half of the world’s population combined, 3.5 billion people in all."
And Oxfam researchers have put the total wealth now sitting in offshore tax havens at $18.5 trillion.
But these striking Oxfam statistics won't generate any groundswell from the top 1% for closing tax havens. In fact, the high-tech lobby group recently spent the week insisting that the G20 group of developed nations NOT shut the Double Irish loophole (the slick accounting maneuver that saves the tech giants billions of dollars a year in taxes).
Wages are stagnating, Oxfam notes, as stocks and corporate profits soar to new heights. Corporate CEOs, a new Deloitte consultancy group report detailed last week, certainly have the cash on hand to end wage stagnation. The world's largest corporations are now sitting on trillions in cash. Apple alone has nearly $150 billion sloshing around in its corporate accounts.
The main reason why corporate profits are soaring is because wages are so low!
CEOs simply aren’t investing in their workforces, research, or anything that builds prosperity for the long haul—as one high tech exec admitted in one rare and revealing moment (something that very few rich investors and executives want to admit to in public.)
CEOs have also been speculating and pumping billions into mergers that typically inflate executive pay — and eliminate jobs. And on top of that, these same high tech corporations have colluded to deliberately reduce worker wages.
President Obama.....PLEASE!....if they won't pay us, then tax the bastards! (and hope they won't cancel my blog account for saying so.)
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