Our key takeaway: Money makes the world go round, as they say. In this case, money (and tax specifically) can also be an answer to the inequality crisis. Wealth has been created between 2020-2021 ($42tn of wealth to be exact). Of that wealth, 63% of it went to the richest 1%, and 37% of that wealth went to the bottom 99%. The richest are becoming richer, and the poorer are becoming poorer. Oxfam doesn’t mince its words: “Every billionaire is a policy failure.” Oxfam delves into how extreme concentrations of wealth undermine economic growth, corrupt politics and the media, corrode democracy and propel political polarization - let alone how those individuals holding the extreme wealth are contributing to the crises we are in (a billionaire emits a million times more carbon than the average person, and billionaires are twice as likely as the average investor to invest in polluting industries like fossil fuels, according to Oxfam). Oxfam’s recommendation: a call on governments to use the tax tools at their disposal to turn back this tide of inequality.
Oxfam International published ‘Survival of the Richest: How We Must Tax the Super-Rich Now to Fight Inequality’ (January 2023):