The number of billionaires should be reduced by half by 2030 through higher taxes and other policies to make the world more equal, Oxfam said Monday as global elites meet in Davos.
DAVOS, Switzerland – The aid group made its plea as the Swiss Alpine village hosts political leaders, CEOs and celebrities for the week-long World Economic Forum starting Monday.
The very wealthy have grown richer amid the cost-of-living crisis sparked by the Covid pandemic and soaring food and energy prices following Russia’s invasion of Ukraine, the report said. For starters, it said, “the world should aim to halve the wealth and number of billionaires between now and 2030, both by increasing taxes on the top one percent and by adopting other billionaire-busting policies”.“The eventual aim should be to go further, and to abolish billionaires altogether, as part of a fairer, more rational distribution of the world’s wealth,” it said.
It also called for a permanent tax increase on the richest one percent, with a minimum 60 percent tax on their income from labor and capital.
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