Govt urged to impose more taxes on wealthier citizens and multinationals
Wealthy countries should help vulnerable countries
Wealthy economies must channel some of their wealth to less vulnerable economies, Oxfam
Read full articleTax wealthy, multinationals more, Oxfam
Wealth of richer people can help solve global poverty-Oxfam
Government is being implored to consider imposing more taxes on the wealthy and multinational corporations in order to rake in more revenue and reduce external borrowing.
This is a proposal being made by Oxfam International to serve as a solution to bridging the revenue gap while addressing the problem of what it described as the inequalities created by the COVID-19 pandemic.
The CSO in the latest report on January 17, 2022, dubbed “Inequality kills”, highlighted the exceptional inequality heightened by the COVID-19 pandemic.
“Claw back extreme wealth into the real economy to tackle inequality. For example, a 99 per cent one-off windfall tax on the COVID-19 wealth gains of the 10 richest men alone would generate $812 billion. This must evolve into implementing permanent progressive taxes on capital and wealth to fundamentally and radically reduce wealth inequality,” the report said.
Oxfam noted that those efforts must be accompanied by other fiscal measures, including rich countries channelling significant portions of their collective $400 billion worth of the International Monetary Fund (IMF) Special Drawing Rights to vulnerable economies in a way that is debt and conditionality-free.
