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Poverty reduction may have stalled after the pandemic after the number of poor people surged in 2020. Photo: iStock.
A tax of up to 5% on the world’s millionaires and millionaires could raise $1.7 trillion annually. This could lift her two billion people out of poverty, according to a new report from Oxfam, a global network of people working together to end the injustice of poverty.
Released on the first day of the World Economic Forum Annual Meeting in Davos, Switzerland (January 16, 2023), the report finds that over the past two years, the gap between the world’s rich and the rest has grown. I’m pointing out that it’s expanded.
This is because wealth continued to be concentrated in a few pockets. Oxfam reports that the wealth of the richest 1% of people has increased to almost double that of the rest of the world’s population.
“Taxing the ultra-rich and large corporations is the doorway out of today’s overlapping crises. It’s time to destroy the convenient myth that is somehow “dripping” into their wealth.
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The wealth of the ultra-rich increased by $26 trillion, while the wealth of the bottom 99% increased by only $16 trillion. Nearly two-thirds of the $42 trillion in new wealth created since 2020 was acquired by the ultra-rich, says the document, titled Survival of the richest people.
Billionaires’ net worths are growing by $2.7 billion every day, and at least 1.7 billion are now surviving in countries where inflation outstrips income.
“While ordinary people sacrifice food and other necessities every day, the ultra-rich are outstripping even their wildest dreams. It’s getting old,” said Bucher.
Poverty reduction may have halted significantly after the pandemic, after the number of poor people surged in 2020.
“Decades of tax cuts for the rich and corporations have fueled inequality, with the poorest people in many countries paying higher tax rates than billionaires,” an Oxfam press release reads. .
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About 1 in 10 people on the planet (more than 820 million people) go to bed hungry.
“Women and girls eat the least and most often last and account for about 60% of the world’s hungry population. We are likely to see the biggest increase in global inequality and poverty since then,” the statement added.
Billionaire wealth increased in 2022 as food and energy prices soared. About 95 food and energy companies more than doubled his 2022 profits. They captured his $306 billion windfall profit, of which $257 billion (or 84%) was distributed to wealthy shareholders.
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The document cites an example where the Walton dynasty, which owns half of Wal-Mart’s stock, took home $8.5 billion.
The fortune of Indian billionaire Gautam Adani, owner of a prominent energy company, increased by $42 billion (46%) in 2022 alone.
Butcher said taxing the ultra-rich is a strategic prerequisite for reducing inequality and restoring democracy.
“We need to do this for innovation. For stronger public services. For a happier and healthier society. And solutions to combat the insane emissions of the very wealthy.” It’s about tackling the climate crisis by investing in,” added Bucher.
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