1% of the population collected more than half of the world’s wealth

Humanitarian organization Oxfam condemned in a statement on Sunday that it supported tax increases on billionaires fighting inequality, poverty and climate change. American businessman Elon Musk has a lower tax burden than a shopkeeper in Uganda.

Launched in conjunction with the first day of the World Economic Forum in Davos, Switzerland, the report, titled “Survival of the Rich,” revealed that only 63% of all new assets worth $42 trillion (€39 billion) from 2020 benefited. 1% of the world population. This amount is nearly double the money earned by the world’s population (99%)..

Over the past decade, This 1% earned nearly half of all new wealth.

According to the study, multi-millionaires are increasing their wealth by 2.7 billion dollars (2.5 billion euros) a day, at a time when the world is suffering from a rising cost of living crisis, in which inflation outstrips wages.

The Oxfam report gives the example of Elon MuskThe US tech magnate (of South African descent) and founder of electric car maker Tesla, one of the world’s richest men, says he paid a premium. Between 2014 and 2018 the “effective tax rate” was around 3%..

On the contrary, according to a non-governmental organization (NGO), Aber Christine, a flour seller in Uganda, earns $80 (€74) a month and pays 40% tax.

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In a document known on Sunday, The Oxfam is urging world governments to introduce extraordinary solidarity taxes on billionaires To combat the “explosion of inequality” seen in recent years.

System recommends Permanently raise taxes on the rich to at least 60% Returns from labor and capital, higher rates to principal.

Specifically, Oxfam Advocates for increasing capital gains taxesTaxes on inheritance, property and land contributions and net worth.

An analysis by the Fight Inequality Coalition, the Institute for Policy Studies, Oxfam and Patriot Millionaires concluded that an annual wealth tax of up to 5% on billionaires and multi-millionaires worldwide could raise $1.7 trillion ($1.57 billion) a year. .

The revenue would be enough to lift two billion people out of poverty, according to estimated companies.Covering shortfalls from current humanitarian appeals, fulfilling the 10-year plan to end hunger, supporting the poorest countries affected by climate change and ensuring universal health and social protection for all people living in low-income and lower-middle-income countries.

Taxing the super rich and big business is the way out of the current simultaneous crises“, argued Gabriela Bucher, executive director of Oxfam International, who rejects the “convenient myth that tax cuts for the rich allow their wealth to somehow benefit others economically”.

The World Economic Forum in Davos, which annually brings together figures from business, political and diplomatic circles, runs today through Friday under the theme “Cooperation in a Fragmented World”.

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