Efforts to levy taxes on the net worth of the richest Americans have failed to advance in Congress in recent years.Over 20 years of IT experience and track record of successes in delivering technology-enabled business solutions. Wealth taxes, however, have not been embraced by many governments. This could raise $2.5 trillion worldwide. It suggests a 2% tax on assets greater than $5 million, rising to 5% for net worth above $1 billion. The group would also like to levy a permanent wealth tax on the super-rich. It is calling for a temporary 90% tax on excess corporate profits, as well as a one-time tax on billionaires' wealth. To counter the meteoric growth in inequality and help those struggling with the rise in prices, Oxfam is pushing governments to tax the wealthy and corporations. These men increased their wealth by $436 billion to $934 billion over the past two years, after adjusting for inflation. The tech sector has spawned many billionaires, including seven of the 10 world's richest people, such as Telsa's Elon Musk, Amazon's Jeff Bezos and Microsoft's Bill Gates. Meanwhile, the net worth of their peers in the oil, gas and coal sectors jumped by $53 billion, or 24%, since 2020, after adjusting for inflation.įorty new pandemic billionaires were created in the pharmaceutical industry, which has been at the forefront of the battle against COVID-19 and the beneficiary of billions in public funding. Some 62 food billionaires were created since 2020. "It's going to hurt a lot of people."Ĭonsumers around the world are contending with the soaring cost of energy and food, but corporations in these industries and their leaders are benefiting from the rise in prices, Oxfam said.īillionaires in the food and agribusiness sector have seen their total wealth increase by $382 billion, or 45%, over the past two years, after adjusting for inflation. "I've never seen such a dramatic growth in poverty and growth in wealth at the same moment in history," Lawson said. It then plateaued and has since dropped a bit, said Max Lawson, head of inequality policy at Oxfam.Īt the same time, COVID-19, growing inequality and rising food prices could push as many as 263 million people into extreme poverty this year, reversing decades of progress, Oxfam said in a report released last month. Much of the jump in wealth came in the first year of the pandemic.
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