Tax the Rich

Taxes that disproportionately affect ordinary Europeans – consumption and labour taxes – bring in 13 times more revenue than taxes on wealth, which are paid mainly by the super-rich, according to a new analysis by Oxfam. 

Responding to the Rio de Janeiro G20 Ministerial Declaration on International Tax Cooperation published today, Oxfam International’s Tax Policy Lead Susana Ruiz, said: "This is serious global progress —for the first time in history, the world’s largest economies have agreed to cooperate to tax the ultra-rich. Finally, the richest people are being told they can't game the tax system or avoid paying their fair share."
 

The richest 1 percent have amassed $42 trillion in new wealth over the past decade, nearly 34 times more than the entire bottom 50 percent of the world’s population, according to new analysis by Oxfam today ahead of the third meeting of G20 Finance Ministers and Central Bank Governors in Rio de Janeiro, Brazil. 

In 2020, poverty increased for the first time in 25 years. Meanwhile the richest have become even richer. Inequality is skyrocketing with the world facing multiple crises such as the Ukraine war, the energy crisis and the aftermaths of the pandemic, yet some companies are recording their highest profits ever and the super-rich pocketed billions of euros, using tax loopholes to evade paying their fair share of tax.