‘Introduce one-off solidarity wealth taxes’

OXFAM international has called on world leaders to introduce one-off solidarity wealth taxes and windfall taxes to end crisis profiteering as the super-rich have grabbed half of all new wealth in the past decade.

This comes as the world celebrates the Global Week of Action Against Inequality.

In a report titled Survival of the Richest, Oxfam said billionaire fortunes were increasing by US$2,7 billion a day even as at least 1,7 billion workers now live in countries where inflation is outpacing wages.

The organisation added that the taxing of the richest should be at rates high enough to significantly reduce the numbers and wealth of the richest people, and redistribute these resources.

“The richest 1% grabbed nearly two-thirds of all new wealth worth US$42 trillion created since 2020, almost twice as much money as the bottom 99% of the world’s population, revealed a new Oxfam report yesterday. During the past decade, the richest 1% had captured around half of all new wealth. Super-rich outstrip their extraordinary grab of half of all new wealth in the past decade. Oxfam is calling on governments to introduce one-off solidarity wealth taxes and windfall taxes to end crisis profiteering. Permanently increase taxes on the richest 1%, for example to at least 60% of their income from labour and capital, with higher rates for multi-millionaires and billionaires,” Oxfam said

“Governments must especially raise taxes on capital gains, which are subject to lower tax rates than other forms of income. Tax the wealth of the richest 1% at rates high enough to significantly reduce the numbers and wealth of the richest people, and redistribute these resources. This includes implementing inheritance, property and land taxes, as well as net wealth taxes.”

The organisation said a tax of up to 5% on the world’s multi-millionaires and billionaires could raise US$1,7 trillion a year, enough to lift two billion people out of poverty.

Executive director of Oxfam International, Gabriela Bucher said while ordinary people were making daily sacrifices on essentials like food, the super-rich had outdone even their wildest dreams.

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‘Introduce one-off solidarity wealth taxes’
“Just two years in, this decade is shaping up to be the best yet for billionaires —a roaring ‘20s boom for the world’s richest. Taxing the super-rich and big corporations is the door out of today’s overlapping crises. It’s time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow ‘trickling down’ to everyone else. Forty years of tax cuts for the super-rich have shown that a rising tide doesn’t lift all ships —just the superyachts,” he said.

-newsday