Much has been written about asbestos connected diseases such as Meothelioma over the last seam of days. The focus has been on three chief areas:
a) The unfortunate victims of mesothelioma such as past employees of asbestos mining companies who trapped these diseases while during their employement. We have seen the center rendering metaphors on TV of these people, all of them in their retirement living wheezing for breath and misery enormously.
B) Whether the asbestos mining companies knew that asbestos mining was a menace to creature life.
C) The Multibillion dough flare actions filed by the victims against their former employers seeking compensation.
Two issues that have not been addressed are the pecuniary outlay to club of asbestos connected diseases such as Mesothelioma Cancer and who pays for these outlay. Secondly, should asbestos mining companies be paying compensation not only to the sufferers of mesothelioma and other diseases but also to Society as well?
There are two expenses to union that can be identified. The first expense is to the civic vigor technique. The trice loss is the loss of tax revenue by governments due to Asbestos mining companies claiming a tax deduction for compensation payments that are made to the victims.
In illustration of the overheads to the open strength approach, the Asbestos Diseases Foundation of Australia has confirmed that by 2020 there will be 13000 luggage of mesothelioma and 40000 asbestos linked lung bane diseases, tallying 53000 people and this is only in Australia! This means that 53000 people will necessary to have steady medicinal notice for the next 15 years or so. The suspect thus, who pays for the detriment? The answer of course is the tide taxpayer and the next generation of taxpayers.
In relative to tax revenue, governments are essentially mislaid out on tax revenue as the asbestos companies are claiming the compensation payment as a tax deduction. For illustrative purposes, believe that asbestos mining company pays out $100m per year over five years to the victims. Also guess that the corporate tax esteem is 30 percent. Therefore over five years, a respectrive government is losing $150m in tax revenue. Essentially it means that the asbestos mining companies are allotment the overheads with the taxpayer. They pay 70 percent of the compensation payment and the taxpayer pays the remaining rest. Most people would vista this as perfectly inequitable.
It could be seen that the Asbestos companies are only paying part of the outlay and not the packed cost.
To rectify this, there are two likely solutions.
A) Respective Governments should also join session actions with Mesothelioma sufferers against the asbestos mining companies seeking compensation for health and prospect checkup costs. This would not be unprecedented as many State Governments of the United States required compensation against the Tobacco Companies to pay for the checkup costs of its citizens who desirable health awareness because of the ill things of smoking.
B) Governments deny a tax deduction for Mesothelioma compensation payments made by the asbestos mining companies.
Until also part an or part b happens, it is the taxpayer who will be unduly burdended with the additional monetary costs of Asbestos related diseases such as Mesothelioma.
