The money is in the house

By: Johnny Baltzersen

While (almost) all the attention is on the abolition of St. Prayer Day in favor of St. Canon Day, some media outlets, such as Altinget.dk, report that Danish development NGOs are running out of money for projects among the poor around the globe. Money that is otherwise earmarked and hidden in the treasury, but which the Ministry of Foreign Affairs is not allowed to disburse because the government and the Danish Parliament have not adopted a fully valid Finance Act for 2023. The temporary budget law does not allow all agreed funds for development projects to be disbursed in a timely manner. 

A few concerned souls have asked if CICED and our projects around the world are also affected by the delayed budget. We can tell you that we are not. Luckily, the first half of 2023 funding for all our project activities is in place, and we might have a finance law before the summer holidays!

Money is in abundance out there

Speaking of money and funding St. Canaan Day, the annual meeting of the super-influential in Davos is the occasion for the equally annual Oxfam inequality report, this time launched under the headline: Survival of the Richest.

With around 50 pages in English, the report is a ‘good mouthful’ – also in the literal sense – so here is an appetizer in Danish (in unofficial translation) with excerpts from the report’s executive summary:

” Poverty has increased for the first time in 25 years. At the same time, (the) many crises all have winners. The very richest have become dramatically richer and corporate profits have reached record highs, leading to an explosion of inequality.

  • Since 2020, the richest 1% have gained nearly two-thirds of all new wealth – almost twice as much money as the bottom 99% of the world’s population.
  • The fortunes of billionaires are growing by $2.7 billion a day, even as inflation outpaces the wages of at least 1.7 billion workers, more than the population of India.
  • Food and energy companies more than doubled their profits in 2022 and paid out $257 billion to wealthy shareholders, while over 800 million people went to bed hungry.
  • Only 4 cents of every dollar in tax revenue comes from wealth taxes, and half of the world’s billionaires live in countries with no inheritance tax on the money they give to their children.

The full report can be download/read here

 

There’s plenty to do at home too

Alongside Oxfam’sSurvival of the Richest report, the Danish branch of Oxfam/Ibis has published an excellent and easy-to-read 6-page supplement focusing on inequality and the possibilities of taxing super-rich Danes.

Based on a modest 1% taxation of Danish wealth of over DKK 35 million, Oxfam/Ibis shows that the treasury could count on an additional DKK 12 billion annually. The report does not focus on the funding of St. Kanondag, so the wonderful money can be used for other purposes – read more here.

 

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