“Taxing the super-rich and big companies is the only way out of the current overlapping crises,” says Smets. “It’s time we debunked the myth that tax cuts for the very rich mean that their wealth is somehow ‘dripping down’ to everyone else. Forty years of tax cuts for the super rich and yet so many people are watering their lips.”
A 5 percent annual wealth tax on the world’s multimillionaires and billionaires could raise $1,700 billion a year, enough to lift 2 billion people out of poverty, according to a new analysis by the Fight Inequality Alliance, the Institute for Policy Studies, Oxfam and the Patriotic Millionaires. to get, it still sounds.
Oxfam is asking the Belgian governments to introduce a one-off solidarity wealth tax and to extend excess profit taxes to other sectors. In addition, the NGO wants the wealth of the richest 1 percent to be taxed at progressive rates “to redistribute these resources to fund economic recovery, climate transition and public services.” “Fighting financial crime must also be a priority.”
