Less than 3000 of the world's richest people have made more money than the GDP of France during the pandemic, Oxfam reports as the World Economic Forum opens in Davos
Monday that found the richest one percent of people on Earth made almost two-thirds of the new wealth created since the pandemic began, a colossal $42trn ., paid a true tax rate of just over 3 per cent from 2014 to 2018, while a market trader selling rice and flour in Northern Uganda paid an income tax rate of 40 per cent. As for the wider billionaire class, which is just some 2,500 people, it is $2.6tn richer than before the pandemic, or the GDP of France.
Oxfam calls for “billionaire-busting” taxes of at least 60 per cent on income and capital gains of the private jetsetters converging on Davos. It said even a tax of up to 5 per cent on the world’s billionaires could raise about $1.7tn annually, enough money to lift two billion people out of poverty, as well as fund a global plan to end hunger.“Taxing the super-rich and big corporations is the door out of today’s overlapping crises,” said Oxfam International Executive Director Gabriela Bucher.
“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.” However, Oxfam’s aim is unlikely to be fulfilled, according to tax experts. Daniel Bunn, president and CEO of the Tax Foundation, says a 60 per cent marginal tax rate on the world’s wealthiest one percent would be “an enforcement challenge to begin with” and could encourage tax avoidance or evasion – an issue that rich countries have long struggled with.
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