Millionaires & Billionaires… What happened to the ‘fair go’? #100daysofblogging #Day39

Wipe your ass with $100I do not trust the ultra-wealthy. 

Not people earning $250,000/yr, that salary is within the realm of reality.

If your job requires you to be available 24 hours a day, 7 days a week; such as a sole owner of a medium sized business, that’s only a wage of $28.54/hr.

That is less than my hourly rate.

But if you have do so well out of OUR mutual society, that you have a disproportionate amount of wealth, then you definitely have a responsibility to give it back.

No person should have an asset value of hundreds of millions.  

We should put a 100% income tax on all income for people with an asset value > 100 times the median family asset value.

In Australia as of 2012, the median household asset value is $434,000.

As such, I firmly believe no person or household should have a personal asset value greater than $43.4 million. Even that number is greedy, from my perspective.

For a bit of comparison, my wife and I are currently living off a single income of ~$51,000/yr. This equates to about $60-70/week less than our costs are.

For more than 90% of the 10 1/2 years we have been together, both of us have worked full time and we are NOT wasteful with our money. Our total household asset value is < $200,000 after subtracting the mortgage.

We’ve built up a ‘financial buffer’ over 7 years of paying extra off the mortgage, but we need a second income and it is not forth-coming. The job market is tight, particularly for part time work. But it will come, eventually.

I’m not complaining. I’m very happy with life. I’ve barely ever struggled. I’ve lived a top quality working class life. An Australian life.

But I don’t think ANYONE actually ‘deserves’ to have MILLIONS of spare dollars, while we are struggling to pay the bills week-to-week.

There is no way someone is worth THAT MUCH more to the world than we are.

How is it, I can’t afford to go to the dentist, despite having private health?

Meanwhile Australia has at least 2,768 multi-millionaires with more than $30M, who could wipe their asses with $50 notes 3 times a day, 365 days per year for 500 years and still have $2.62 million at the end.

How is that a fair go?

It’s not. It’s stealing a fair go from other people.

With $30 million you could employ 8 people on my wage for the full 60 years of their working life, including paying all insurance, taxes and superannuation.

But that $30 million figure wouldn’t even get you 1/10th of the way to Australia’s top 100 rich list. The lowest asset value among Australia’s 100 richest people in 2013 was $445 million.

That is more than 1000 times the median Australian asset value.

That is not a fair go. That is economic bastardry.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.