FILE – People wear face masks at an outdoor mall with closed business amid the COVID-19 pandemic in Los Angeles on June 11, 2021. (AP Photo/Damian Dovarganes, File)
An anti-poverty organization calls for the government to impose a one-time tax on the world’s billionaires to fund COVID-19 vaccines.
On Monday, Oxfam called for a 99 percent tax on the world’s richest, suggesting the money be used to fund the production of vaccines for the poor. The group argues the super wealthy benefited from the pandemic as financial stimulus pumped up stocks.
Oxfam International Executive Director, Gabriela Bucher is even comparing the pandemic to World War II while suggesting similar measures must be taken.
“There are several countries considering a wealth tax and, in fact, during during World War II it was done,” she explained. “There was tax at 100 percent to address the extreme effects of the war. So we are in a similar situation of crisis now, so we’re looking at considering that type of measure.”
“We need to question whether we want to continue supporting a system that prioritises profits over people’s lives" @gabucher #DavosAgenda #InequalityKills
— Oxfam International (@Oxfam) January 18, 2022
However, wealth taxes are difficult to implement and invariably reduce savings, investment productivity as well as economic growth. Furthermore, such a tax would do little to help low income earners while also harming the economy as a whole.
Source: One America News Network
