GLOBAL WEALTH INEQUALITY AFFECTS EVERYONE IN THE WORLD.
I have put this post in the business category, but it does seem it could fit into the "Social Justice" category as well.
The wealthiest 1% of people worldwide have more wealth than everyone else combined.
By Thomas Frolich
We all know that large U.S. companies avoid billions in taxes each year on cash held in offshore bank accounts.
The current level of global wealth inequality, which is widely expected to widen under reforms proposed by President Donald Trump and congressional leaders, is unprecedented. According to anti-poverty organization Oxfam America, just eight individuals possess more wealth than 3.6 billion people — half of humanity. The wealthiest 1% of people worldwide have more wealth than everyone else combined.
Against this backdrop, tax avoidance is especially troubling. The 50 largest public U.S. companies currently have a combined $1.6 trillion stashed in accounts and assets overseas — according to new analysis by Oxfam. Apple is the leader, with $200.1 billion held in foreign bank accounts.
Click here to see the 50 U.S. companies stashing $1.6 trillion overseas.
The problem, he explained, is that with their enormous lobbying efforts, the political influence wielded by these companies ensures large corporations can continue to take advantage of tax loopholes, while ordinary Americans and small businesses cannot.