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WEALTH: Introduction Of Wealth Taxes

The fortunes of food and energy billionaires have grown by $453bn over the past two years, owing to soaring energy and commodity prices during the pandemic and Vladimir Putin’s war in Ukraine, a report by Oxfam has revealed. The development charity said spiraling global food prices had helped create “62 new food billionaires” in just 24 months.

Oxfam called for the introduction of permanent wealth taxes to “rein in extreme wealth and monopoly power”. It said an annual wealth tax starting at 2% for millionaires, and rising to 5% for billionaires, could generate $2.5tn a year. That would be enough, said Oxfam, “to lift 2.3 billion people out of poverty.  

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