There is a new group on the scene. Canadians for Tax Fairness say they promote a progressive tax system, based on ability to pay, to fund the public services and programs required to meet our social, economic and environmental needs.
They also tell us a couple of things about money and who has it.
Last year, the average income for the top 10 US athletes was $44.6 million. Wow! The top 10 pop stars averaged $87.2 million. If you think that is over the top, right? Well, think again.
The average income for the top 10 hedge fund managers was $1.7 billion. Yes, that’s billion.
The term “billions of dollars” is now thrown around with such frequency that many people simply have no feel for what it means. In their book, The Trouble With Billionaires, Linda McQuaig and Neil Brooks put it in perspective: “Imagine this: you are given one dollar every second. At that rate, after one minute, you would have sixty dollars. And after twelve days, you would be a millionaire – something beyond most people’s wildest dreams. But how long would it take to become a billionaire? Well, at that rate, it would take almost thirty-two years.”
A billion dollars is an astronomical amount of money. And those with billions, hundreds of millions, tens of millions or even a few million can certainly afford to contribute more taxes to build and maintain a healthy 21st century society.