Thread: Just 1% of the worlds population own 50% of worlds wealth

Originally Posted by JamesH

A fair share is a subjective thing. Have a read of the article linked to above. It discusses figures well known and available to anyone who wants to learn about the rich actually pay and what the non rich actually pay in income tax. It will not change your mind about what he the rich should pay, but at least you will know what they do pay.


My two cents is that the rich pay too much and it irks me that people are so generous with other people's money. It's not actually generosity at all. I do have a right to be rich as long as I did not become so by breaking the law. I am not rich, I made certain life-style choices which mean I will never be rich without a lotto win.

Yep, that's fair enough. I deliberately didn't say what I thought was a 'fair share' as its a contentious topic and belongs in Current Affairs.

Originally Posted by numpty

I reiterate ..... read the link I attached.

Yes, some people pay 47 cents in the dollar. But only on earnings in excess of $180,000.

Up to and including $180,000 the most you will pay in "income tax" is $54,547. High yes, but not even 33%.

Agreed Numpty and to expand on that, if an Australian resident gets paid $250,000 a year their income tax rate including Medicare levy works out to about 36% roughly.

Using the ATO tax calculator even if your paid $700,000 a year your tax rate works out at roughly 40%. So for those of you who reckon your paying 47% congratulations I'm guessing your on over $1000,000 a year or you seriously need to change accountants and soon. ...

Which brings me back to the point of this thread in the first place, either way your doing somewhat better, even if you have a very bad accountant, than the roughly 50% of the worlds population who only have around $6,000 in total wealth and little to no chance of ever bettering their living standards for themselves or their family's.

No matter how bad those of you who follow the cup is half empty methodology of thinking believe you have it if you compare the average standard of living here in Australia compared to the vast majority of the world then surely you must come to the conclusion that we do indeed live in the lucky country and we should be grateful for that.