519-646-2222Meet Gary Stephenson
Meet Gary Stephenson, Gary is a British economist, who was once the world’s top trader for CitiBank. Gary started life from a humble East End of London (UK) working class family. Gary attended the prestigious London School of Economics, and later completed a Master Degree in Economics at Oxford University.
Gary has become a crusader against wealth inequality and explains why we should be taxing the rich exponentially more than they are currently even though we must tax their wealth accumulation, and not their direct income.
Very rich people such as Bill Gates have incredible tax avoidance loopholes available to them that simply do not exist in middle class economies. For example, Bill Gates set up a family “charitable” foundation into which he deposits his assets, including the returns on those assets. Because he is smoking huge charitable donations he is undoubtedly entitled to income tax returns for donating all of his income.
Also if Bill Gates wants cash for living expenses, it is cheaper to use a loan from a bank, based on his asset holdings, borrowed at preferred interest rates – let’s just say 2%, than it would be to pay 42% in taxes for the same amount of money. So not only does it literally cost him no effort to pay his living expenses but he also grows his wealth just because he has it!
Ironically many middle class people, especially those earning decent wages, perhaps even millionaires argue that wealth taxes should not be imposed – as if they consider themselves wealthy. In really even 99% of the top 1% of Canadian income earners are far more akin to the poorest people in the country than the richest in the world – they just don’t realize it!
So without further ado please cruise on over to YouTube to check out these videos which will help you understand wealth inequality in uncomplicated terms.
Gary Stephenson on: (click link below)
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