Tax Billionaire Wealth and Pandemic Profits, Says Oxfam, to End 'Inequality That Literally Kills'
In the shadow of the Davos summit of global elites taking place this week, a new report from Oxfam International details how skyrocketing inequality during two years of the global Covid-19 pandemic surged to a point where a new billionaire was created in the world nearly every day while over one million people are now being pushed into poverty at almost the same daily rate.
The new report—titled "Profiting From Pain"—is the latest accounting of how the pandemic has only deepened grotesque discrepancies between the haves and have-nots of the world, showing that while 573 new billionaires were created since the pandemic began, approximately one billionaire every 30 hours, an estimated 263 million are expected to "crash into extreme poverty" this year—a rate of one million people every 33 hours.
Such stark realities and gross injustice, the anti-poverty group concludes, is clear evidence that a tax on billionaire wealth and windfall pandemic profits is urgently needed to address crucial needs.
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"Billionaires are arriving in Davos to celebrate an incredible surge in their fortunes. The pandemic and now the steep increases in food and energy prices have, simply put, been a bonanza for them. Meanwhile, decades of progress on extreme poverty are now in reverse and millions of people are facing impossible rises in the cost of simply staying alive," said Gabriela Bucher, executive director of Oxfam International.
https://www.commondreams.org/news/2022/05/23/tax-billionaire-wealth-and-pandemic-profits-says-oxfam-end-inequality-literally
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