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Saturday, July 27th, 2024

World’s Richest 1% Gained $42 Trillion in a Decade: Oxfam

Author:    
Source:     Microsoft Start
Publication Date:     25 July 2024
 Link: World’s Richest 1% Gained $42 Trillion in a Decade: Oxfam
Stephan:  

The G20 nations is a group of19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkey, United Kingdom and United States and the European Union. The wealth inequality of the G20 nation has become obscene, with the United States leading the pack. OxFam, a global organization that “fights inequality to end poverty and injustice,” has just issued a report on this inequality saying, “…the $42 trillion figure was nearly 36 times more than the wealth accumulated by the poorer half of the world’s population. Despite this, billionaires ‘have been paying a tax rate equivalent to less than 0.5 percent of their wealth’ across the globe.”

The world’s richest one percent increased their fortunes by a total of $42 trillion over the past decade, Oxfam says. Credit Ader Berry

The world’s richest one percent increased their fortunes by a total of $42 trillion over the past decade, Oxfam said Thursday, ahead of a G20 summit in Brazil where taxing the super-rich tops the agenda.

Despite this windfall, taxes on the rich had plummeted to “historic lows”, the NGO added, warning of “obscene levels” of inequality with the rest of the world “left to scrap for crumbs”.

Brazil has made international cooperation on taxing the super-rich a priority of its presidency of the G20, a group of countries representing 80 percent of the world’s GDP.

At this week’s summit in Rio de Janeiro, the group’s finance ministers are expected to make progress on ways to raise levies on the ultra-wealthy and prevent billionaires from dodging tax systems.

The initiative involves determining methodologies to tax billionaires and other high-income earners.

The proposal is due to be fiercely debated at the summit on Thursday and Friday, with France, Spain, South Africa, […]

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2 Comments

  1. Albus Eddie on Saturday, July 27, 2024 at 4:15 am

    This is a trend which has been on going for quite some time with the groundwork in the United States laid by deregulation which was supported by both major parties. This is why the donor class was able suppress all competition, to cut the legs out from under Joe Biden and coronate Kamala Harris all without a single vote. I’m sure the unDemocratic empire managers were able to justify this by telling themselves “We have to suppress Democracy in order to save it.” We are well on our way to inverted Totalitarianism.

  2. Sam Crespi on Saturday, July 27, 2024 at 10:25 pm

    You’re doing a remarkably good job of tracking this issue! The greed that’s a feature of what is happening is breathtaking. There has been a sharp turn into creating an even more powerful divide. It will be interesting to see what happens at the conference. And the heartbreaking part of this story is that it’s happening in sync with the thundering ramifications of climate change. I’ve been participating in online dialogue with women across America that’s being led by Joyce Vance, former prosecuting attorney and close friend of the brilliant journalist Dahlia Lithwick. The gist of the conversation has turned to mysogony which of course circles back to the news and comments from Trump and Vance, the perps who pumping the fractious energy in the press. And Trump and Vance are nowhere close to your insights.