Wealthy Shareholders Reaping Billions While Millions Go Hungry
The Case for Higher Taxes on the Super-Rich
New Oxfam Report Confirms the Super Rich Got Richer During Pandemic
Oxfam has called for immediate action to tackle a post-Covid widening in global inequality after revealing that almost two-thirds of the new wealth amassed since the start of the pandemic has gone to the richest 1%. Oxfam said for the first time in a quarter of a century the rise in extreme wealth was being accompanied by an increase in extreme poverty, and called for new taxes to be levied on the super-rich.
The charity said that policies introduced to combat the economic impact of Covid 19 – such as cuts in interest rates and the money creation process known as quantitative easing – boosted the value of property and shares, which tend to be owned by richer people.
Oxfam said extreme concentrations of wealth led to weaker growth, corrupted politics and the media, corroded democracy and led to political polarisation.
The super-rich were key contributors to the climate crisis, the charity added, with a billionaire emitting a million times more carbon than the average person. They were also twice as likely to invest in polluting industries, compared with the average investor.
The report called on governments to introduce immediate one-off wealth levies on the richest 1%, together with windfall taxes to clamp down on profiteering during the global cost of living crisis. Subsequently, there should be a permanent increase in taxes on rich, with higher rates for multimillionaires and billionaires.
Oxfam has called for new taxes on the super-rich. The charity has said that the best-off had pocketed $26tn (£21tn) in new wealth up to the end of 2021, representing 63% of the total new wealth, with the rest going to the remaining 99% of people.
Oxfam is calling for immediate action to tackle post-Covid widening in global inequality, suggesting new taxes on the super-rich, as well as windfall taxes to clamp down on profiteering during the global cost of living crisis.
Who Is Oxfam, Anyway?!
Oxfam is an international confederation of charitable organizations focused on the alleviation of global poverty. It was founded in 1942 and has since grown to become a major international aid agency. Oxfam works in more than 90 countries to support communities and individuals in need, providing assistance in the areas of health care, education, clean water, and emergency relief. The organization also advocates for policies and programs that address the root causes of poverty and inequality. Oxfam is known for its transparency, accountability, and efforts to promote sustainable development.
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