Oxfam: The Rich Getting Richer - Taxes Historically Low
According to Oxfam, the wealth of the one percent richest people worldwide has grown by approximately 42 trillion Dollars in the past decade. The growth rate is therefore nearly 36 times higher than that of the wealth of the poorer half of the world population. Yet, "billionaires worldwide pay a tax rate that is less than 0.5 percent of their wealth".
Brazil, which currently holds the presidency of the G20 countries, has declared wealth taxation as a priority. During the G20 Finance Ministers meeting in Rio de Janeiro, discussions are to take place on ways and possibilities to effectively tax super-rich individuals and prevent tax evasion.
A first proposal is to be debated on Thursday and Friday. France, Spain, South Africa, Colombia, and the African Union have explicitly expressed their support for it. However, the USA has made it clear that they are against it.
Oxfam spoke of a "real litmus test for G20 governments". The organization demands an annual wealth tax of at least eight percent on extreme wealth. "It is not deniable that there is movement on the issue of taxing super-rich individuals", said Oxfam expert Max Lawson. The question now is "whether they have the political will to set a global standard that prioritizes the needs of the Many over the Greed of a few".
- Despite the significant wealth growth of the world's one percent, contributing approximately 42 trillion Dollars in the last decade, their tax rate is only less than 0.5 percent.
- At the G20 Finance Ministers meeting in Rio de Janeiro, Brazil, which currently heads the G20, will discuss potential ways to effectively tax wealthy individuals and prevent tax evasion.
- Oxfam, an organization that advocates for the poor, has proposed an annual wealth tax of at least eight percent on extreme wealth, considering it a "real litmus test" for G20 governments.
- The USA has opposed discussions on taxing super-rich individuals during the G20 Finance Ministers meeting, while France, Spain, South Africa, Colombia, and the African Union have shown their support for the proposed wealth tax.
