It’s been a beautiful day in NYC. A day of hope. Thousands of people gathered at Central Park great lawn to give their support to this year’s Global Citizen Concert 2013 to end poverty in the world. A huge concert is going on right now at the park. Hope is in the air.
Stevie Wonder, Alicia Keys, Kings of Leon and John Mayer headlined the second annual Global Citizen Festival in New York’s Central Park. The artists are playing without compensation to support eradicating global poverty. “These four headlining artists are willing to play for free because they believe this generation wants to see the end of extreme poverty,” explains Hugh Evans, co-founder and CEO of Global Poverty Project, the organizers of the event along with AEG/Goldenvoice and a host of corporate supporters and altruistic organizers. “They’re all committed to that goal – in partnership with tens of thousands of global citizens.”
The focus of this year’s Global Citizen Festival is celebrating success and accelerating progress to a world without extreme poverty by 2030. If we all, citizens of the world, get together to make this project a reality we can end poverty in the world.
Poverty also exist right here in New York City. Did you know that one in every five NYC residents can’t bring food to their table? Amazing, right?, being that there’re many millionaires in this city that pay a lower tax rate than you. Find out yourself here.
And some billionaires are paying less than one percent in taxes. Disgusting, right?
Despite making more than a billion dollars, some of the nation’s super rich manage to pay an extremely low tax rate.
The top 400 earners in the U.S. paid an average tax rate of 18 percent, according to a Bloomberg TV report noticed by Think Progress. And though that’s a far lower rate than the 26.5 percent that many families making less than $100,000 pay annually in taxes, some of America’s super-rich have been able to whittle their tax bill down even more, paying a tax rate as low as one percent, according to Bloomberg.
How? Many of the super rich take advantage of a variety of tax loopholes to lower their tax burden. For some of America’s rich, most of their wealth comes from stock appreciation, according to Mayor Bloomberg, which some billionaires don’t end up defining as taxable income.
These findings echo earlier reports, which suggest that the super rich may not be paying their full share in taxes. More than 1,400 millionaires paid no U.S. income taxes in 2009, according to an August report from the Internal Revenue Service.
In addition, 25 percent of all millionaires pay a smaller percentage of their income taxes than millions of middle class households.
But billionaires aren’t the only ones that use loopholes to pay lower taxes. Thirty of America’s most profitable corporations used rules like the “active financing exception” — allowing corporations to sidestep paying taxes on overseas profits if they were derived by “actively financing” some activity or deal — to pay less than zero in income taxes, according to a recent report from the Center for Tax Justice.
Though many super wealthy Americans and very rich corporations use loopholes to lower their tax burden, some have advocated for raising taxes on themselves. Warren Buffett became the most prominent advocate for raising taxes on the rich when he wrote an op-ed in The New York Times in August encouraging lawmakers to raise taxes on millionaires so that they pay the same or higher rate as middle class earners.
Earlier this week, a band of millionaires went to Capitol Hill to lobby Congress to raise their taxes. And they seem to have the support of millionaires around the country, nearly 70 percent of whom said in a survey last month that they support raising taxes on those making $1 million or more.
Even worse: The rabid Republicans threaten with shutting down the government! Check your complete guide to the GOP’s campaign to shut down the government.
Billionaires use tax loopholes to pay 1% tax rate
Check this out: A Food Secure NYC 2018
Now think about this: If there’s poverty in New York City which has a high concentration of millionaires, what can be expected in those poor countries where children and adults are dying of starvation? There are not millionaires there, some of those countries are ravaged by civil wars. They only have us to help them, we are their only hope.
Please think about all this and then decide whether to support and join the Global Citizen project to end poverty in the world. Every small contribution counts. TAKE ACTION PLEASE!
And last but not least A BIG THANKS! to the artists and bands that helped promote this project by performing at the concert in Central Park.