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The extensive study points out that there is immense inequality in the distribution of wealth around the world, as the richest 1% of people have absorbed an increasing percentage of the world’s wealth over the past decade, even during the era. of the pandemic, while global poverty has risen for the first time in 25 years.
Specifically, the report suggests: “As a starting point, the world should aim to halve wealth and the number of billionaires between now and 2030, raising taxes to the top 1% and adopting other policies to kill off billionaires.” .
“This would return wealth and billionaire numbers to where they were just a decade ago in 2012,” he went on to say.
The timing of the report’s release is no accident, as it was intended to align with the start of this year’s World Economic Forum.
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Political and business leaders from around the world will be ensconced in the Swiss Alps resort until Friday, discussing a range of topics from climate change to human rights and recession preparation.
the washington post Shared thoughts from Daniel Bunn, President and CEO of the Tax Foundation, who believes a 60% marginal tax rate for the world’s richest 1% would be “an enforcement challenge to begin with” and could encourage avoidance or evasion. Bunn thinks a broader tax base at a lower rate might be a better long-term solution.
Regardless, if the global distribution of wealth is to change, Oxfam chief executive Gabriela Bucher believes serious changes must be made.
In a recent Press releaseHe said, “Just two years later, this decade is shaping up to be the best yet for billionaires: a great 1920s boom for the world’s richest.”
It is worth noting that some billionaires, including the founder of Microsoft Bill Gates and Ken Griffin, have indicated they would welcome higher taxes on the ultra-rich.
What do you think of the new Oxfam report?
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