Not really surprising, the pandemic will probably end up being one of if not the biggest upwards transfers of wealth in history
Equivalent of winning the 19million lotto jackpot 947 times
Or ~8 National Childrens Hospitals*
^*pending ^final ^cost ^submissions ^by ^BAM
Only 2billion each? Like my teachers used put on my report card “could do better”
Couple of odd billionaire bootlicking comments in here already. It’s one thing to not begrudge someone making a success of themselves, but billionaires getting richer is barely news given how money works and not really something worth applauding when they already have far more resources than they can ever use.
Purpose of this release from Oxfam Ireland seems to be for a wealth tax which does have certain merits.
Are the Stripe lads even tax resident in Ireland given they’ve lived in the US so long? DOB is tax resident in Malta I believe also.
I’m conflicted in terms of a wealth tax personally. I think someone like DOB who has more established businesses should be subject to some form of additional tax but only when he makes a disposal of shares etc. Stripe on the other hand is clearly a business which is still growing and forcing the founders to sell shares in order to pay a tax could potential stall the number of high paying jobs being created.
We should absolutely be placing some additional taxes on the likes of John Grayken who take up citizenship purely for tax reasons – there should be a level between US taxes and Irish taxes that they are willing to pay.
Did Oxfam choose the low point during the covid induced stock market crash as their starting point? The one where shares lost 38% of their value?
The reason I ask is because similar reports did that so that they could maximise outrage. Had they picked a starting point one month earlier the instead of doubling their worth they’d have increased by single digit percentage.
I even have a problem with them using shares as an indicator of wealth for the likes of Musk. Billionaires who own large percentage of a company they’ve started. If they decided that they wanted to sell all of their shares the value of those shares would plummet. I would put the Collison brothers in that category; not sure who else on the list is at that level. Maybe redacted.
The issue with the pandemic is it altered economic patterns and drove a huge amount of stuff towards online services, which pushed loads of money into tech.
Stripe for example is probably making a fortune as loads of smaller businesses went online and needed payment services.
The other big flow is into pharma / life sciences again, for very obvious reasons.
The big losers in this are in more traditional sectors that rely on physical transport: like airlines, aircraft makers, hotels, tourism, hospitality, music/entertainment and bricks and mortar retail.
I’d say there were a few business empire undone too.
Billionaires shouldn’t exist.
“Billionaires have had a terrific pandemic.” Yay!!!! ffs
The Irish Times has turned into the Indo.
Eat the rich
how can a payments company grow in a pandemic? is not fair!
*sarcasm
Grabs popcorn for the comments on this thread ……
A new billionaire is made every 26 hours. Madness.
That’s about €3,600 for every person in Ireland
Love the idea that Ireland could “lead the EU” by introducing a wealth tax, even as every other EU country that has a wealth tax has been abandoning them in favour of better ideas because they’re near impossible to enforce in practice.
And now we’re at the stage where the rich, powerful and conscienceless see that a pandemic is massively advantageous for the only thing they care about, money.
Shit eating grins.
People saying ‘fair play’…. meanwhile a teacher’s 40k wages posted on thejournal.ie and she’s the scum of the earth.
1 million – 1 euro – every second – for 12 days.
1 billion – 1 euro – every second – for 32 years.
“Fair play” “Good for them” please kill me
That’s 18,000,000,000 that definitely won’t be building children’s hospitals and infrastructure.
Why can’t we just kill them?
I don’t even understand how that works. Its pretty horrifying in general that people who are insanely rich and powerful get more wealthy when something terrible happens to the world. Particularly when its something that could in the future be manufactured by a biological weapon being deployed. But I’ll leave that to some dystopian future film script writer and stop depressing myself.
Time for another round of “lies, damn lies, and statistics”?
58% from March 2020 to November 2021 is low. It’s *very* low. The Dow Jones average for the same period is 87%. Which is to say: if your *own* savings grew by less than that in the same period, you did something wrong.
This might sounds really surprising. Until you remember that the pandemic began in February, not March. Hence: damn lies and statistics.
25 comments
Not really surprising, the pandemic will probably end up being one of if not the biggest upwards transfers of wealth in history
Equivalent of winning the 19million lotto jackpot 947 times
Or ~8 National Childrens Hospitals*
^*pending ^final ^cost ^submissions ^by ^BAM
Only 2billion each? Like my teachers used put on my report card “could do better”
Couple of odd billionaire bootlicking comments in here already. It’s one thing to not begrudge someone making a success of themselves, but billionaires getting richer is barely news given how money works and not really something worth applauding when they already have far more resources than they can ever use.
Purpose of this release from Oxfam Ireland seems to be for a wealth tax which does have certain merits.
Are the Stripe lads even tax resident in Ireland given they’ve lived in the US so long? DOB is tax resident in Malta I believe also.
I’m conflicted in terms of a wealth tax personally. I think someone like DOB who has more established businesses should be subject to some form of additional tax but only when he makes a disposal of shares etc. Stripe on the other hand is clearly a business which is still growing and forcing the founders to sell shares in order to pay a tax could potential stall the number of high paying jobs being created.
We should absolutely be placing some additional taxes on the likes of John Grayken who take up citizenship purely for tax reasons – there should be a level between US taxes and Irish taxes that they are willing to pay.
Did Oxfam choose the low point during the covid induced stock market crash as their starting point? The one where shares lost 38% of their value?
The reason I ask is because similar reports did that so that they could maximise outrage. Had they picked a starting point one month earlier the instead of doubling their worth they’d have increased by single digit percentage.
I even have a problem with them using shares as an indicator of wealth for the likes of Musk. Billionaires who own large percentage of a company they’ve started. If they decided that they wanted to sell all of their shares the value of those shares would plummet. I would put the Collison brothers in that category; not sure who else on the list is at that level. Maybe redacted.
The issue with the pandemic is it altered economic patterns and drove a huge amount of stuff towards online services, which pushed loads of money into tech.
Stripe for example is probably making a fortune as loads of smaller businesses went online and needed payment services.
The other big flow is into pharma / life sciences again, for very obvious reasons.
The big losers in this are in more traditional sectors that rely on physical transport: like airlines, aircraft makers, hotels, tourism, hospitality, music/entertainment and bricks and mortar retail.
I’d say there were a few business empire undone too.
Billionaires shouldn’t exist.
“Billionaires have had a terrific pandemic.” Yay!!!! ffs
The Irish Times has turned into the Indo.
Eat the rich
how can a payments company grow in a pandemic? is not fair!
*sarcasm
Grabs popcorn for the comments on this thread ……
A new billionaire is made every 26 hours. Madness.
That’s about €3,600 for every person in Ireland
Love the idea that Ireland could “lead the EU” by introducing a wealth tax, even as every other EU country that has a wealth tax has been abandoning them in favour of better ideas because they’re near impossible to enforce in practice.
And now we’re at the stage where the rich, powerful and conscienceless see that a pandemic is massively advantageous for the only thing they care about, money.
Shit eating grins.
People saying ‘fair play’…. meanwhile a teacher’s 40k wages posted on thejournal.ie and she’s the scum of the earth.
1 million – 1 euro – every second – for 12 days.
1 billion – 1 euro – every second – for 32 years.
“Fair play” “Good for them” please kill me
That’s 18,000,000,000 that definitely won’t be building children’s hospitals and infrastructure.
Why can’t we just kill them?
I don’t even understand how that works. Its pretty horrifying in general that people who are insanely rich and powerful get more wealthy when something terrible happens to the world. Particularly when its something that could in the future be manufactured by a biological weapon being deployed. But I’ll leave that to some dystopian future film script writer and stop depressing myself.
Time for another round of “lies, damn lies, and statistics”?
58% from March 2020 to November 2021 is low. It’s *very* low. The Dow Jones average for the same period is 87%. Which is to say: if your *own* savings grew by less than that in the same period, you did something wrong.
This might sounds really surprising. Until you remember that the pandemic began in February, not March. Hence: damn lies and statistics.