#super-rich

[eaglesnick]

“A democracy exists whenever those who are free and are not well-off, being in the majority, are in sovereign control of government, an oligarchy when control lies with the rich and better-born, these being few.” - Aristotle.

Trump is finally President and Farage is on the rise in the UK. Whatever else you may think of Joe Biden, he was absolutely on the money when he said:

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that really threatens our entire democracy, our basic rights and freedom.”

We have all witnessed the march of the rich and super-rich to Mar-a-Lago to pay homage to Donald Trump and to petition him for financial favours.

“From Tesla's Elon Musk to a lesser known UAE real estate power broker, the wealthiest are flocking to Florida." (Salon: 07/01/25)

Petitioning the monarch for financial gain has been a tried and tested method of wielding influence throughout history. In late medieval England, petitions were a common way for the nobility and wealthy individuals to seek financial privileges from the reigning monarch. In France, King Louis XIV was frequently petitioned by his nobles for financial support to keep them in their lavish lifestyle while the peasants continued to suffer great hardship.

In England it was no different and petitioning was still being practiced as late as 1950 when many of England’s landed aristocracy petitioned the King for financial support to maintain their estates and properties while the rest of Britain was suffering wartime rationing and a chronic housing shortage.

Nothing has changed apart from the word petition being replaced by the word lobby. What also remains the same is the gullibility of the poor and less well-off in society who persist in voting for right-wing leaders and political parties in the belief their super-rich backers will actually make life better for them.

Right-wing Jair Bolsonaro in Brazil promised the people economic growth and prosperity through deregulation and privatisation. However, his tenure saw economic stagnation, rising unemployment, and increased poverty.

Silvio Berlusconi in Italy promised tax cuts and economic reforms to boost Italy's economy. However, his government was plagued by corruption scandals and economic mismanagement, leading to a lack of significant economic improvement for ordinary citizens.

Donald Trump made the same promises during his first period as President. Trump promised to bring back manufacturing jobs and revitalize the American economy. While some sectors saw temporary gains, many of his policies, such as the trade war with China, led to economic instability and job losses rather than new job opportunities. .

Despite this evidence , both in America and in Britain, ordinary working people mistakenly believe right-wing populist leaders and their multi-millionaire and billionaire’s buddies actually care about them.

Over the next few years we will see working class people in America becoming increasingly worse off while the likes of Musk, Zuckerberg, Bezoz. Gates and Brin become even richer than they are now. At some point in the future people will wake up and realise that Emperor Trump has no clothes but it may be too late by then.

I wish this misguided faith in the super-rich to improve the lives of ordinary working families was a purely American phenomenon but here in England we are suffering from the same delusion.

“Nigel Farage’s big poll leap leaves Reform breathing down neck of Labour and Tories”. (Independent: 18/01/25)

The super-rich leaders of Reform UK may be in a lower league than the fabulously rich supporters of Trump but they all share the same goal: to increase their own personal wealth no matter what the cost or consequences for ordinary people.

We really should be careful what they wish for.

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[allsortsoflicorice]

Extreme wealth has a deadening effect on the super-rich – and that threatens us all | George Monbiot

In a kayak off the Devon coast I witnessed the kind of entitled mindlessness that has ravaged society, and our planet, says Guardian columni

We need a new dream. Capitalism isn't working.

[jasonraish]

Paris in the age of the Super Rich. Full and quarter page for L’Obs in Paris. There are apps for in home chefs, concierges, dog walkers, car parkers, massage therapists, and just about anything else a rich person could want

[eaglesnick]

101 Things You Should Know About the UK Tory Government

Thing 38

Unelected Rishi Sunak has refused to end non-dom status. Non-dom status is a term used for a UK resident whose permanent home, or domicile, is outside the UK. This status allows them to avoid paying UK tax on their total income, and for wealthy individuals, massive savings can be made if they choose a lower-tax country for their domicile.

Rishi Sunak’s wife was claiming non-dom status, and therefore saving "millions of pounds” until this became a political embarrassment to him.

“Rishi Sunak’s wife Akshata Murty gives up non-dom tax status and promises to pay UK tax on worldwide income. Revelations about the tax affairs of the Chancellor’s wife kicked off a political storm which threatened to damage his career"  (inews:05.04.22)

At PMQ’s yesterday (23/11/22) Kier Starmer pointed out that:

“Scrapping the non-dom status would allow us to train 15,000 doctors every year,” and bringan end to “tax breaks for the super rich.”

Needless to say Sunak refused to end non-dom status for his wealthy friends claiming it would cost too much.

Too much for who?  The super-rich, that’s who!

“Super-rich UK non-doms avoiding £3.2bn in tax each year, report finds." Guardian: 27/1009/22)

[eaglesnick]

101 Things You Should Know About the UK Tory Government

Thing 20

“Chancellor Rishi Sunak calls on firms to “think very carefully” about any investments that would in any way support the barbaric Putin regime.... I am urging firms to think very carefully about their investments in Russia and how they may aid the Putin regime – and I am also clear that there is no case for new investment in Russia.” (GOV.UK 13/03/22)

No case for “new investment" but Sunak's wife is reportedly still profiting from her old investments in Russia. The Indian IT services company Infosys is still operating inside Russia despite saying eight months ago it was pulling out. Sunak’s wife, Akshata Murty, has a stake in the company (which is owned by her father) from which she receives multimillion-pound annual dividends.

“The company that pays Akshata Murthy, wife of British PM Rishi Sunak, £11.5 million a year is still operating in Russia, report says.”  (msn.com: 05/11/22)

Angela Rayner had this to say about Sunak’s double standards:

“The prime minister’s tough talk on sanctions on Putin is compromised by his private conflicts of interest. When he was chancellor Rishi Sunak ordered UK businesses to reconsider any investments that would in any sense support Putin and his regime but he’s utterly failed to get his own house in order.” (Guardian: 04/11/22)

As usual, it’s one rule for the rich and another for the rest of us.

[gwydionmisha]

Nearly 400 millionaires and billionaires call for higher taxes on super-rich

Mark Ruffalo, Brian Eno and Abigail Disney sign letter timed for WEF in Davos saying wealthy are buying political influence

[kazifatagar]

Electricity Tariff Hike to Affect Only Industries and Super-Rich

Prime Minister Datuk Seri Anwar Ibrahim announced that the electricity tariff hike starting July 1 will not affect 85% of the population. The increase, applicable only to industries and the super-rich, follows the Imbalance Cost Pass-Through (ICPT) mechanism. Electricity Tariff Hike to Affect Only Industries and Super-Rich Anwar emphasized that the hike, less than 14%, is necessary to fund…

Electricity Tariff Hike to Affect Only Industries and Super-Rich

[eaglesnick]

“Taxation is the price which civilised communities pay for the opportunity of remaining civilised.” Albert Bushnell Hart: 

What a surprise!

Labour’s pledge to abolish non-dom status for wealthy residents of Britain who are registered as having their main home overseas is to be watered down.

There were 74,000 wealthy individuals claiming non-dom status for the period 2022-2023. These very rich people, by claiming their main “domicile" is outside the UK avoid paying UK tax on the money they earn overseas.

It is interesting to note that “domicile” is not the same as "resident" Domicile refers to where a person’s long-term home is, not where they are living or resident at present. For tax purposes, someone claiming non-domicile status will only have to start paying UK tax on all of their income after living here for 15 years out of the previous 20.

Some other interesting facts.

The rules governing UK resident and domicile status are over 100 years old.

More than 93% of UK non-dom’s were born abroad.

The number of non-dom's increased by 18% for the year ending 2022: a total of 12,900 wealthy immigrants being accepted onto our shores who were given the privilege of paying less tax than UK residents.

Non-dom individuals in the UK “receive at least £10.9bn in offshore income and capital gains tax each year which they are …not required to pay tax on in the UK.” LSE: 26/09/23)

The United States taxes ALL of its citizens on their worldwide income regardless of residence or not.

In August this year, Keir Starmer made this promise:

“Those with the broadest shoulders should bear the heavier burden, and that’s why we’re cracking down on non-doms.”

Today we are reading headlines like this:

“Reeves softens plans for crackdown on non-doms.” (Telegraph: 26/09/24)

and

“Reeves rethinking tax raid on foreign wealth…" Reuters: 25/09/24)

Reeves and Starmer promised that by closing this “tax-loophole” for the super-rich enough additional taxes to train more NHS staff and offer free breakfast clubs for every primary school in England would be generated.

Is this promise, like so many others that Keir Starmer has made, about to be abandoned? As Liz Bates of Sky News reminds us, “Sir Kier made a virtue of his ordinariness” during the election campaign. Since then we have learned he has been:

“...living a life of privilege - free clothes, free tickets, parties paid for, the use of million-pound properties whenever they need them.”  (Liz Bates, Sky News: 25/09/24)

Whatever Jeremy Corbyn’s faults when he led the Labour Party he never cosied up to the super-rich. When he released the Labour Party slogan “For the Many Not the Few” he meant what he said. It remains to be seen whether the same can be said of Keir Starmer.