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A mere 3,000 people have amassed US$14.4 trillion in wealth, the equivalent of 13% of the world’s GDP. While the world’s billionaires controlled less than 3% of global GDP in 1993, the growth of their wealth and political influence has since accelerated.

Regardless of nationality, the world’s ultra-rich share two striking similarities: the vast majority are men; and they typically pay much less tax, as a share of their income, than their employees and middle-class workers in general. The concentration of wealth is thus a global issue, one so alarming that the G20 (the group comprising the world’s largest developed and emerging economies) formally addressed it last month.

As G20 finance ministers put it in the final declaration at their conference in Rio de Janeiro on July 25-26:

“It is important for all taxpayers, including ultra-high-net-worth individuals, to contribute their fair share in taxes. Aggressive tax avoidance or tax evasion of ultra-high-net-worth individuals can undermine the fairness of tax systems […]. Promoting effective, fair, and progressive tax policies remains a significant challenge that international tax cooperation and targeted domestic reforms could help address.”

Source - https://theedgemalaysia.com/node/723327

Fair share of Taxes? The wealthy pay over 50% of their income in taxes - https://www.wealthprofessional.ca/news/industry-news/canadas-top-10-income-earners-pay-over-50-of-income-taxes-says-study/325551

I am all for tax fairness as I have authored many articles on the need to revamp the various income tax act and tax codes as part of addressing tax fairness - Blog – Public Policy – Tax Fairness along with Value for Money and Performance Audits - https://www.dhirubhai.net/pulse/developing-tax-fairness-paul-young-byi3c/

I have seen the world elect progressive governments that believe in big government and spending while putting in policies that cause stagnation with wages and economic growth. Challenges with Price Gouging Laws (Wage and Price Controls) - https://www.dhirubhai.net/pulse/challenges-price-gouging-laws-wage-controls-paul-young-4gtuc/

The countries around the globe had little success with basic income programs. https://www.slideshare.net/slideshow/should-canada-moved-forward-with-basic-income/250900284. I have more focus should be on pushing economic reforms that drive good-paying jobs!

Paul Young CPA CGA (1996)

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Paul is a former IBM Customer Success Manager that has deployed over 300 data and AI solutions across industry and geographies for the past 8 years. Paul is a Financial Planning, Analysis, and Reporting SME working with data including integration of macro and micro indicators as part of the integrated business planning and reporting cycle.

[email protected]

Seeking employment - https://www.dhirubhai.net/posts/paul-young-055632b_hi-all-linked-in-followers-and-contacts-activity-7199365291288506369-qGVf?utm_source=share&utm_medium=member_desktop

?Courses?—? https://www.dhirubhai.net/posts/paul-young-055632b_activity-7163302861974519809-ryf3?utm_source=share&utm_medium=member_desktop

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?What is next for the stock market - https://www.dhirubhai.net/posts/paul-young-055632b_why-the-stock-market-is-freaking-out-again-activity-7226611521848573953-UwYz?utm_source=share&utm_medium=member_desktop

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Stock Market for Week-Ending August 23 2024 - https://www.dhirubhai.net/pulse/stock-market-we-august-23-2024-paul-young-jr8ec/

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?Blog – ESG - 6 sustainability trends impacting commercial properties - Cushman and Wakefield - https://www.dhirubhai.net/posts/paul-young-055632b_6-sustainability-trends-impacting-commercial-activity-7231986282732609536-EvxE?utm_source=share&utm_medium=member_desktop