inequality

The federal Coalition government's so-called "tax reform" package is, overall, a major escalation of the capitalist class war by the rich against the poor and working people.

The initial tranche of income tax measures will reduce tax by a very modest amount for low-income taxpayers, but the long-term effect of the package is to massively reduce tax on the wealthy and attack the elements of a progressive taxation system established in this country over many years.

Yet another report has been released showing the capitalist “trickle down” promise is rubbish.

The World Inequality Report 2018 — produced by the World Inequality Lab at the Paris School of Economics — busts the neoliberals’ myths about globalisation and privatisation working for everyone. It shows that the wealth gap is widening and, in some countries, very dramatically.

Australia’s 33 billionaires increased their wealth by more than $38 billion dollars last year — or more than $1 billion each. That is more than $3 million each a day!

At the other end of the spectrum, Credit Suisse data cited in the Sydney Morning Herald showed the wealth of the bottom half of Australians declined in the same period alongside stagnating wage growth.

The Australian billionaire Dick Smith has been on the stump again warning of the growing gap between the haves and the have-nots.

“If we're not careful, if you end up with really wealthy people and lots of poor people, in the end the poor people will rebel,” he said late last year.

 “You look at what happened in Russia in 1917 where they ended up with the tsar and the tsar's friends who are all equivalent billionaires.

 “The pitchforks came out and we had revolution.”

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