June 15, 2024

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NGOs say taxing the rich could fetch $ 2,520 billion

Many international organizations, including the (Paris) NGO Oxfam and the Benevolent Millionaires Group, are proposing to tax the richest people in the world, which will lift billions more out of poverty and vaccinate the planet against COVID-19.

Released at 7:25 pm yesterday.

“While billions of people are struggling to survive during these epidemics, the fortunes of millionaires are out of control. This cannot be justified,” said Jenny Ricks, global coordinator of the Fight Inequality Coalition, one of the coalition’s member organizations.

On Monday, an Oxfam report found that the ten richest people on the planet, including Jeff Bezos and Elon Musk, had doubled their net worth to $ 1.5 trillion in the two years since the Govt-19 epidemic. The stock price rise of the companies in which they are shareholders.

Together with the Fight Inequality Alliance, the NGO Oxfam, the Washington-based Institute for Policy Research, and the Patriotic Millionaires, an organization of wealthy Americans, are participating in the call, which was made public on Wednesday.

The package proposes to establish an annual tax of 2% for those over $ 5 million, 3% for assets over $ 50 million and 5% after $ 1 billion, bringing in $ 2520 billion each year.

With this amount, 2.3 billion people will be lifted out of poverty and all the people on the planet can be vaccinated against Govt-19, many countries now showing hopelessly low vaccination rates, especially in Africa.

The partnership claims that the jackpot will provide global health care and social security to 3.6 billion people living in low- and middle-income countries.

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Taxes higher than $ 50 million could raise up to $ 3620 billion a year, but Jenny Ricks said it would be more “realistic” for the AFP to opt for a lower tax rate.

These proposals coincide with the traditional annual meeting of the World Economic Forum, which will be held online for the second year in a row due to the Omigron variant.

In an open letter to forum participants, more than 100 millionaires, including members of the Patriotic Millions, said Wednesday that the current tax system is “not fair.” The letter reads, “The rich of every country in the world must pay their fair share.” “Tax the rich and tax us now. ⁇