World News

Thus, the corporate tax rate, which applies to corporations, companies, and banks, is being systematically reduced from the current 15 percent to just 10 percent over five years. Shortly after the Second World War, this tax stood at 65 percent, and in the post-war period until 2008 it was set at 25 percent... The social divide continues to widen. At present, one in five children and one in four young adults in Germany is at risk of poverty. Food banks are registering a sharp rise in child poverty and have sounded the alarm: almost a third of food bank users is under 18 years of age. Old-age poverty is also increasing. Currently, one in five people over the age of 75 in Germany is affected by poverty. At the same time, unimaginable wealth is accumulating at the top of society. According to the government’s latest mandatory poverty report, published in early December, the richest 10 percent own more than half—54 percent—of total wealth, while the bottom half owns just 3 percent. Inequality is rising, and Germany has the highest density of billionaires in Europe...

US and European ultrawealthy having brandy, cigars, and high-fiving each other about now.