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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.
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Jul 2022Oxfam 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.