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The world's 10 richest people made $540bn in a year – we need a greed tax
Key Excerpts from Article on Website of The Guardian (One of the UK's leading newspapers)
Posted: February 8th, 2021
https://www.theguardian.com/commentisfree/2021/jan/26/the-wo...
$13,000,000,000. If all those 000s are making your eyes go funny, I’ll spell it out: thirteen billion. That’s how much Jeff Bezos added to his net worth in one day last July after the pandemic caused Amazon’s stock price to surge. Bezos’s $13bn (£10bn) payday set a record for the largest single-day increase in individual wealth ever recorded; however, he was far from the only billionaire getting that corona cash. According to a report by Oxfam, the combined wealth of the world’s 10 richest men has increased by $540bn since March 2020. How much money is half a trillion dollars? Enough to vaccinate everyone in the world and ensure no one is pushed into poverty by the pandemic, Oxfam’s report, The Inequality Virus, claims. Oxfam releases a report on inequality, timed to coincide with the Davos summit, every year. If there is one upside to the pandemic, it’s that some ideas formerly dismissed as “radical” are now anything but. The idea of wealth taxes (levies on assets rather than income) is ... gaining global momentum. The British government has been urged to levy a one-off wealth tax on the value of household assets above £1m. Wealth taxes are also being pushed by progressive politicians in Germany and the US. A system in which 10 men can see their collective wealth increase by half a trillion during a global crisis can’t be fixed with a one-off wealth tax – we need greed taxes that prevent people amassing that much in the first place.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.
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