Oxfam tells Davos: Time to tax growing billionaire club

DAVOS, Switzerland - The Covid pandemic has created a new billionaire every 30 hours and now one million people could fall into extreme poverty at the same pace, Oxfam said Monday as the Davos summit returns.

The international charity said it was time to tax the rich to support the less fortunate as the global elite gathered at the Swiss mountain haven for the World Economic Forum after a two-year Covid-induced absence.

Oxfam said it expects 263 million people to sink into extreme poverty this year, at a rate of one million every 33 hours, as soaring inflation has added a cost-of-living crisis on top of Covid.

By comparison, 573 people became billionaires during the pandemic, or one every 30 hours.

"Billionaires are arriving in Davos to celebrate an incredible surge in their fortunes," Oxfam executive director Gabriela Bucher said in a statement.

"The pandemic and now the steep increases in food and energy prices have, simply put, been a bonanza for them," Bucher said.

"Meanwhile, decades of progress on extreme poverty are now in reverse and millions of people are facing impossible rises in the cost of simply staying alive," she said.

Oxfam called for a one-off "solidarity tax" on billionaires' pandemic windfall to support people facing soaring prices as well as fund a "fair and sustainable recovery" from the pandemic.

It also said it was time to "end crisis profiteering" by rolling out a "temporary excess profit tax" of 90 percent on windfall profits of big corporations.

Oxfam added that an annual wealth tax on millionaires of two percent, and five percent for billionaires, could generate $2.52 trillion a year.

Such a wealth tax would help lift 2.3 billion people out of poverty, make enough vaccines for the world and pay for universal health care for people in poorer countries, it said.

Oxfam based its calculations on the Forbes list of billionaires and World Bank data.

Agence France-Presse

Paris vies to overtake London as finance hub post-Brexit

PARIS - British Prime Minister David Cameron once gleefully offered to "roll out the red carpet" for French executives wanting to escape staggering wealth taxes.

Now, with London's red carpet fraying after the Brexit vote to leave the European Union, Paris is stepping in to welcome bankers, investors and businesses who may want to escape the uncertainty hanging over the City's role as a global finance hub.

"In this new environment which is taking shape, we want France to be attractive," Prime Minister Manuel Valls said Wednesday.

As competition grows among Europe's capitals to benefit from the financial fallout of Brexit, Valls unveiled a series of measures to boost the allure of Paris.

Notably, he confirmed plans to cut France's corporate tax rate to 28 percent from 33 percent, a move previously announced by President Francois Hollande.

Britain's vote to leave the European Union "created shockwaves, for all European citizens but also, in a very concrete manner, many businesses settled in the United Kingdom," Valls said.

Valls said he wanted to improve the tax and legal framework to "welcome even more companies (and) make Paris the capital of smart finance."

The prime minister announced a tweak to a system allowing foreign employees to benefit from tax reductions, making it applicable for eight years instead of five.

Beyond these fiscal measures, the government also plans to put in place a "single entry point" to facilitate administrative matters for foreign companies seeking to set up shop in France -- where red tape can be a nightmare to navigate.

This service will help companies with questions about real estate, residency permits, schools and other issues.

Valls said France would open "as many international sections as needed in schools" to allow children of foreign employees to be taught in their mother tongue.

The Brexit vote has several European capitals clamoring to take London's spot as a major finance center, such as Frankfurt, Luxembourg and Dublin.

France is traditionally perceived as "anti-business", with its inflexible and hard-to-understand labor code.

According to the World Bank's 2016 "Ease of Doing Business" report, France ranks 27th out of 189 countries, while Britain comes in sixth.

'Supertax'

The Socialist government came into power in 2012 promising as 75 percent "supertax" on top earners -- which sent the rich fleeing -- and became another symbol of France's opposition to big business.

However the measure was slowly watered down and quietly dropped in 2015, as it failed to do much to boost a stagnating economy.

Hollande has since steered his government on a wildly different path to stimulate the economy, with a series of economic and labour reforms that have enraged the left flank of his party, which now accuses him of being too pro-business.

As an indication of how difficult the reforms have been, Valls had to force both sets of reforms through parliament without a vote using a special constitutional measure.

source: interaksyon.com

How to Get Rich Leveraging Debt

How many stories have we all heard about the entrepreneur that came to America with five cents and turned it into an empire? It’s stories like this that make us long for a piece of that American dream. We all wish that we could turn our nickels into big money, but most of us don’t know how to do it. The secret is using debt wisely to leverage more income producing streams. No one can turn five cents into five million dollars overnight, but by taking chances and finding ways to use debt smartly, you can become financially independent, just like the entrepreneurs of old.

The thread that binds all of these success stories together is that somewhere along the way, these entrepreneurs had to go into debt to make more money. Unless you’re Rumplestiltskin and know a way to spin straw into gold, you’re going to have to start taking chances. While it’s perfectly acceptable to put money aside every month or even put it into an interest bearing account, you’re going to nickel and dime yourself for years. You might be able to put aside a nice little nest egg, but what if you want to become really wealthy?

In order to accomplish that, you’re going to have to extend what you already have. It’s pretty frustrating to look at your checkbook and see the cold hard truth that your dreams of wealth are not panning out. It’s even tougher to spot a great opportunity, like a hot stock, and not have enough money to take advantage of it. However, there are ways that you can take advantage of that opportunity, even if you don’t have a lot of money in the bank.

Let’s say that you have the chance to purchase some shares right now. You don’t have the money on hand, but instead of giving up, you go to the bank and you get a loan for the money you need. You buy those shares and in five years, they’ve returned 500% of your initial investment. If you hadn’t taken that risk of going into a small amount of debt, you never would have been able to reap those rewards. Instead, you’d be muttering into your coffee as the news comes in on how well that stock you could have had is doing.

While most of us think of the word debt and blanch, when used properly and managed well, it is the key to becoming wealthy. Do you think billionaires spend their own money when they want to buy a new building? No, that would be silly. They put together a plan and get financing to pay for it. Then, when the rents for the building come in, they pay off that loan and go find another property. That is leveraging debt at its finest. You’ve got to have money to make money and unless you’ve already got it, you’re going to need to go into debt, at least at first, to make those big dreams a reality.

source: richcreditdebtloan.com

Building Wealth When the Economy is Slow

Just because the economy in our nation is going through a little bit of turmoil, that does not mean that we have to be all doom and gloom about the world. Don't watch the news if you can't stomach the headlines. Why should you get pulled into all the negativity about how our economy is going down the drain? The truth is, there is another side of the issue that we never really hear about: There are people in our economy right now that are getting rich. There are other people who are currently positioning themselves in such a way that they can prosper heavily as soon as the economy begins to swing back into our favor, a growth cycle. There are a wide variety of different ways that you can make this happen, meaning that building wealth is possible even when the economy is down, or slow.

Although it may be rarely discussed in the mainstream media, there are actually good investments out there in this economy of ours. There are always going to be ways for you to invest in such a way that you can earn a solid return, no matter what cycle of the economy we are currently experiencing. There is absolutely no doubt that there are people right now who are in trouble, but not everyone is in trouble, and some people ARE making it big. We are hearing plenty of news about people being laid off, and unemployment numbers climbing, so how can we find out about what investments are still viable in this economy of ours? Here is a hint: Think about things that people need, or think about what people perceive that they actually need. People are still buying cosmetics, and people are still buying alcoholic beverages, for example, even when the economy is down. In other words, you can invest in the things that aren't going away no matter how bad the economy seems to get.

You should also consider investing in companies that will help you save money on things like transportation, energy, food or entertainment. People are always looking for possibilities for stretching their dollars further, especially when it comes to buying things they need, or simply buying the things that they believe that they need.

Before you put your money into the investment ideas mentioned above, keep this in mind: You will do well to invest in these things now, but you would have done better by investing a year ago to two years ago, because then you could be selling your investments at a much higher point than now. You could be taking serious profits on the sales you made, re-investing the profits into the other businesses that are recession proof in nature accordingly. This really is not a difficult concept, so start taking advantage of it today.

source:  richcreditdebtloan.com