The USA has the greatest inequalities, highest mortality rate, most regressive taxes, and largest public subsidies for bankers and billionaires of any developed capitalist country. According to the IRS, billionaire tax evasion amounts to $458 billion dollars in lost public revenues annually. Corporations sheltered over $2.5 trillion dollars in overseas tax havens and they paid no taxes. Bankers earned billions in profits from mortgage foreclosures of working class households through ‘favourable’ legal rulings. Over 20 million individuals lost their properties due to illegal or fraudulent debts. Silicon Valley’s billionaires pay manual and service workers poverty level wages. Class inequalities are reinforced by ethnic divisions. White, Chinese and Indian multi-millionaires exploit Afro-American, Latin American, Vietnamese and Filipino workers. Inequalities are a result of low wages, based on big profits, financial swindles, multi-trillion dollar public handouts and multi-billion-dollar tax evasion.
USA: inequalityWritten by David Fletcher 26 Jul 2018
- Pray: for an end to exploiting the state and the treasury, and robbing working classes. (Psalm 35:10b)
- More: www.globalresearch.ca/how-billionaires-become-billionaires/5612125