LETTER: Look off-shore for hidden wealth

Did you know that the world’s 62 wealthiest people increased their net worth by $1.76 trillion since 2010?

Did you know that the world’s 62 wealthiest people increased their net worth by $1.76 trillion since 2010? Their worth is now equal to the poorest half of this world’s population 3.6 billion people. The poor people have had their wealth decrease by $1 trillion in the same five year period. These rich people now hold $7.6 trillion of untaxed monies in off-shore accounts.

Oxfam Canada has reported that the wealthiest five Canadians have increased their assets by $16.9 billion since 2010 which equals a 44 per cent increase. Their total wealth now is equal to the bottom 30 per cent of Canada’s population, which is 11 million people. According to the World Economic Forum, over 30 per cent of Africa’s financial wealth is being held off-shore, costing the continent $14 billion in needed tax revenue. That amount of money would keep every African child in school.

Not a word about this in the Liberals’ election platform of 2015. Thus, we can expect this thievery to continue. When workers ask for an increase in the minimum wage, the corporations always say they have no money. That’s because all the profits are in tax free off-shore locations. Isn’t capitalism great?

Bob Abrahams, Nelson

 

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