There is something broken with a system that allows for the world’s one thousand wealthiest individuals to control as much wealth as the bottom 2.5 BILLION (source). The wealth on these upper echelons of high net worth individuals is ridiculous and even more insulting – they pay a lower total tax rate than you do.
The game is rigged. And the vast majority of these individuals really have no loyalty to anything; their nationality is irrelevant … what matters to most of these individuals is that they protect their wealth. Some of the members on the list like Warren Buffett and Bill Gates have openly called for a higher tax rate on the ultra wealthy, but meanwhile – the Romney campaign would like to cut the taxes of these individuals to the lowest rates possible.
If 40 people can gain a net worth of an additional $25 billion in one week … WHY aren’t we taxing these individuals more?
Bloomberg writes HERE:
One of the biggest gainers was Amancio Ortega, who gained $1.3 billion, according to the Bloomberg Billionaires Index. Shares of Inditex SA (ITX), the world’s largest clothing retailer, rose 0.81 percent during the week, pushing the 76-year-old Spaniard’s fortune to $47.7 billion — $1.3 billion ahead of Warren Buffett.
The increases came after European Central Bank President Mario Draghi outlined an unlimited bond-purchase program to reduce interest rates for struggling nations and fight speculation of a breakup of the euro. In the U.S., payrolls rose less than projected in August while the unemployment rate was unexpectedly driven down by Americans leaving the labor force, boosting the odds of additional Federal Reserve easing.
