Much has been written about asbestos linked diseases such as Meothelioma over the last fasten of being. The focus has been on three highest areas:
a) The unfortunate victims of mesothelioma such as previous employees of asbestos mining companies who wedged these diseases while during their employement. We have seen the core rendering similes on TV of these people, all of them in their retirement time winded for breath and suffering enormously.
B) Whether the asbestos mining companies knew that asbestos mining was a jeopardy to person life.
C) The Multibillion money division actions filed by the victims against their past employers seeking compensation.
Two issues that have not been addressed are the monetary overheads to group of asbestos linked diseases such as Mesothelioma Cancer and who pays for these expenses. 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 outlay to club that can be identified. The first detriment is to the open vigor usage. The following priced 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 outlay to the public strength logic, the Asbestos Diseases Foundation of Australia has confirmed that by 2020 there will be 13000 luggage of mesothelioma and 40000 asbestos connected lung melanoma diseases, tally 53000 people and this is only in Australia! This means that 53000 people will essential to have constant health mind for the next 15 living or so. The matter thus, who pays for the charge? The answer of course is the stream taxpayer and the next generation of taxpayers.
In relative to tax revenue, governments are essentially lost tax revenue as the asbestos companies are claiming the compensation payment as a tax deduction. For illustrative purposes, suppose that asbestos mining guests pays out $100m per year over five being to the victims. Also affect that the corporate tax speed 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 division the outlay with the taxpayer. They pay 70 percent of the compensation payment and the taxpayer pays the remaining stability. Most people would inspect this as perfectly inequitable.
It could be seen that the Asbestos companies are only paying part of the expenses and not the satiated outlay.
To rectify this, there are two feasible solutions.
A) Respective Governments should also link session actions with Mesothelioma sufferers against the asbestos mining companies seeking compensation for health and future health costs. This would not be unprecedented as different State Governments of the United States required compensation against the Tobacco Companies to pay for the medical costs of its citizens who wanted medical attention because of the ill effects 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 illegally burdended with the additional fiscal costs of Asbestos related diseases such as Mesothelioma.
