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#wealthinequality

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New tax reforms if ChatGPT replaced Treasurer Jim Chalmers

Tired of hearing there's no money for housing, healthcare or climate action? Here's what a fairer system could look like — one that finally includes everyone, not just everyday consumers:

💼 National Turnover Levy
Big business pays a tiny 0.2% on gross revenue (not profit). If you're pulling in $100 million+, you can chip in. No more creative accounting to dodge the system.

🏢 Corporate Minimum Tax
Multinationals must pay at least 15% on Australian income. No more booking profits in Bermuda while using our roads, workers and infrastructure.

🌐 Digital Services Tax
Platforms like Google, Meta, Netflix, and Amazon pay 3% on local revenue. If they make billions off Aussie users, they should contribute something real.

📈 Financial Transactions Levy
Micro-tax on large stock trades and derivatives. Designed to rein in speculative churn and make the finance sector part of the national effort.

🛥️ Expanded Luxury Tax
Cars over $75k, watches, art, boats, and second homes above $3 million get taxed harder. Because yachts shouldn’t be cheaper to tax than bread.

🧾 GST Compliance Overhaul
Mandatory real-time reporting for businesses over $1m turnover. AI audit trails to stop GST rorts. Less fraud, more hospitals.

💰 This isn’t radical — it’s overdue. If working people have to pay their fair share, so should the rest.

Replied in thread

@OccuWorld

This is where the fascism is coming from. The 1% used capitalism to leverage wealth out of the hands of everyone else, which caused a surge in populism, fear, and anger, which enabled Trump to rise. Then they funded him because he redirected the fear and anger at other citizens instead of the 1%. And now they're using him to disassemble our democracy and make it work even more in their favor. And so the oligarchy transforms back into the aristocracy it was born from.

Future generations must not forget. If you don't want fascism, don't allow aristocracy or oligarchy to form. That means outlawing billionaires from the start. Some tools we have to fight this:

* UBI
* wealth tax
* cooperative-based economy

#NoBillionaires
#NoKings
#capitalism
#ubi
#WealthTax
#WealthInequality
#IncomeInequality
#inequality
#GINI
#coops
#cooperatives
#economics
#aristocracy
#oligarchy
#fascism

Every billionaire is proof our system is broken. As hospitals struggle and schools face cuts, a tiny elite hoard unimaginable wealth. Taxing the super-rich isn’t radical - it’s common sense. Billionaires are not a sign of success but policy failure. As greens we have been calling for a wealth tax since 2017. Since then inequality has widened. Let’s tax wealth, invest in people, and build a fairer society for everyone.

#WealthInequality
#TaxTheSuperRich
#FundPublicServices

Austerity Linked to Over 1 Million Preventable Deaths in EU

https://scheerpost.com/2025/07/05/austerity-linked-to-over-1-million-preventable-deaths-in-eu/?utm_source=rss&utm_medium=rss&utm_campaign=austerity-linked-to-over-1-million-preventable-deaths-in-eu

> In 2022, over 1 million people in the EU died from preventable causes. Trade unions are urging increased public investment and wealth taxes to reverse the trend.

#wealthinequality #austerity #eu #publichealth #wealthtax #scheerpost #politics

"- By the numbers: The new wealth of the top 1% surged by more than $33.9 trillion since 2015.

- From 1995 to 2023, global private wealth grew by $342 trillion — eight times more than public wealth.

- Billionaires worldwide have gained $6.5 trillion in total in the past decade, the report found.

- Threat level: G7 countries alone — Canada, France, Germany, Italy, Japan, the United Kingdom, and the U.S. — are cutting global aid by 28% for 2026, compared to 2024.

- These countries account for about 75% of all official aid.

- These cuts could cause 2.9 million more children and adults to die by 2030 from HIV/AIDS causes alone.

- The intrigue: Nine out of 10 people support paying for public services and climate action via taxes on the super-rich, according to a survey this year commissioned by Greenpeace and Oxfam."

axios.com/2025/06/26/world-inc

Axios · World's richest 1% gains $33 trillion since 2015 while inequality widens: ReportBy April Rubin
Continued thread

This is because billionaires only come to exist by founding or investing in for-profit companies. Only for-profit companies can concentrate wealth to that degree, by harvesting it from the workers and consumers. Every single transaction between a worker and a consumer which is mediated by a for-profit company has a hidden tax, in the form of profit, which goes to some wealthy person who contributes nothing after their initial investment and gets to collect on that investment *indefinitely*.

@fightfascism

#profit
#cooperatives
#inequality
#WealthInequality
#IncomeInequality
#billionaires
#fascism

This article is amazing. The language is so brilliantly used that I weep at my own inadequacy. Plus, I agree with her points, and I have used the same data points, re taxation levels pre Reagan. She delves into information I did not know as well.

The cynical side of me wonders if the rich are starting to get nervous, and realize they have one chance to stop the revolution from getting messy.

Article TLDR: “Rich people suck, I am one, cause my grandfather was Roy Disney, and we should totally be paying at least 70% top tax rates. Friedman was a monster. And did I mention that the broligarchy really sucks? Truly, they suck. The only way out of the capitalist nightmare is to tax the rich a lot. A lot more than you think. Lots.”

newrepublic.com/article/196195

The New Republic · The Rich Should Be Paying More—and Yes, That Means MeThe last 50 years have been a sickening catastrophe for the working class and have created another class of people who really do think they’re better than everyone else. There is an obvious cure for their unearned sense of entitlement.

The Impact of AI on the Middle Class Economy

A late-night scroll through 2024’s tech headlines reveals billions in profits. There are AI breakthroughs. However, there's a quiet undercurrent of layoffs. Hundreds of thousands of workers are gone. I wonder what will happen if the machines we build to make life easier begin to dismantle our society's foundation. The promise of artificial intelligence dazzles—productivity, efficiency, cost cuts. But the shadow it casts is long, and the middle class, once the heartbeat of the U.S. […]

munaeem.de/2025/06/07/the-impa

What is it like to live in a UK entirely focussed on never ending Brexit, on isolating our small island, on support for the monarchy, on othering the poor, the disabled, immigrants and folk with different coloured skins or who follow different religions or with sexuality which some don't like?

The UK establishment seem to desire a UK I want nothing to do with.

#socialism
#UKpolitics
#wealthInequality

Continued thread

#Homeownership #WealthInequality #SocialMobility #Housing
🏠 Who gets to own a home – and why?
New study by @jascha_draeger @nrmllr and @klauspforr shows:
➡️ #Inheritances & family gifts – even just expected – strongly influence who buys property. They account for up to 54% of homeownership gaps between social classes. Without these transfers, children from working-class families are far less likely to buy a home.
doi.org/10.1016/j.ssresearch.2

Continued thread

If you want to understand why extremely wealthy people in American society are lining up behind the Trump regime's fascist order, consider for a moment the idea that they know they've hoarded so much of the wealth that it's only a matter of time before the peasants show up at their castles with pitchforks, and one of their few options to prevent that is eliminating civil rights and building out a fascist police state.

commondreams.org/news/19-riche

Top 19 'Truly Superwealthy' US Families Grew $1 Trillion Richer Last Year: Analysis

"A new analysis by a leading chronicler of the United States' exploding inequality shows that the 19 richest American households added $1 trillion to their collective fortunes last year and saw their share of the nation's wealth jump at a record-shattering pace.

The analysis by Gabriel Zucman, a professor of economics at the University of California, Berkeley, estimates that the 19 wealthiest U.S. families now control 1.8%—or $2.6 trillion—of the nation's total household wealth.

In 2024, those ultrarich households saw the largest single-year wealth increase on record."

I need people to understand that while this is certainly political, it isn't partisan. These numbers are from 2024 when Biden was president, but I think it's safe to say the figures under a Trump administration that is absolutely willing to burn your grandparents on the pyre of capitalist accumulation won't be significantly different. These guys stack wealth under neoliberal Democrat presidents, and build fortresses with public money during fascist Republican presidencies; when you're rich and powerful enough in a free market fundamentalist society, it's pretty easy to engineer the outcome you desire no matter what political factors do to the markets. Furthermore, given the propaganda about "crime" in our society, it's easy enough for wealthy donors to guarantee that either way, the police state grows stronger.

Perhaps most importantly, the material realities of our present global situation doesn't change when power shifts from neoliberal parties, to fascist ones or vice versa. The planet is still on fire, capital accumulation still depends on the fossil fuels that are killing us, and billions of lives still hang in the balance. The reality that capitalism goes, or a planet that can comfortably support eight billion human beings does, has not changed under either neoliberalism or its kissing cousin fascism. The ultra-wealthy know that its only a matter of time before the billions of people they intend to sacrifice to keep the line going up even during a climate apocalypse, realize what's going on and come for them; because they have no intention of surrendering the way of life that gives them so much luxury and power.

Understood through that lens then, the uber-rich's support for the fascist Trump regime makes perfect sense. They want your civil rights curtailed, they want it to be illegal to assemble in protest, they want a fascist police state that polices resistance ideology to keep the people they're commodifying and intend to sacrifice to the money god, afraid to act. They might object to Trump's most absurd economic policies, but they know he's going to harden borders, empower a fascist police state, and strip the civil rights of their class enemies- and they're counting on that strategy to get them through the literal end of the world.

Common Dreams · Top 19 'Truly Superwealthy' US Families Grew $1 Trillion Richer Last Year: Analysis | Common DreamsFamilies including Elon Musk, Jeff Bezos, and Mark Zuckerberg now control a combined $2.6 trillion in wealth, according to renowned economist Gabriel Zucman.