International aid organization Oxfam has called for more taxes on the richest people and the introduction of “billionaire busting” policies.
International aid organization Oxfam says that the current number of billionaires needs to be halved by 2030 to make the world more equal. In a report called ‘Survival of the Richest’, published on Monday, Oxfam called for more taxes on the world’s richest people and the introduction of “billionaire busting” policies.
According to the report, the wealth of billionaires has doubled in the last 10 years. In this sense, the world’s richest 1% have amassed 74 times more wealth than the bottom 50%.
Oxfam added in its report that the cost-of-living crisis caused by Covid-19 and rising food and energy prices following Russia’s invasion of Ukraine has led to a decline in the wealth of the wealthy. Wealth has increased.
According to the data in the report, inflation has increased faster than income since 2020, while the wealth of billionaires has increased by $2.7 billion per day. At the same time, the profits of food and energy companies have also seen a more than two-fold increase. In such a situation, for the fair distribution of wealth and reduction of inequality, Oxfam has suggested imposing more taxes on rich people.
Oxfam says that if more taxes are imposed on the world’s richest one percent and “billionaire busting” policies are adopted, the current number of billionaires will be halved by 2030. This international aid organization says that these measures will bring the number of billionaires and their wealth back to the level of 2012.
Oxfam has stressed in its report that taxes on dividends and other taxes on accumulated wealth need to be increased to prevent a “crisis of profiteering”. Oxfam also proposed a permanent tax on the world’s richest one percent.
Referring to a report by American news agency ProPublica, Oxfam pointed out in its report that many of the world’s richest people pay hardly any taxes. In this regard, Tesla chief Elon Musk has been mentioned and said that between 2014 and 2018, his tax rate was actually only 3.2%. Similarly, Amazon founder Jeff Bezos was paying less than one percent in taxes.
In contrast, a businesswoman affiliated with Oxfam in Uganda pays 40 percent of her profits in taxes. The Oxfam report comes as CEOs, political leaders and other prominent figures from around the world gather in Davos, Switzerland to attend the World Economic Forum’s annual meeting.
Follow us: Facebook, Twitter, Google News
National Voice is now also available on Telegram. Our channel (qaumiawaz@) Click here to join and stay updated with the latest news.