Oxfam: The wealthiest 1% has doubled the fortunes of the 99% in the last 2 years

International humanitarian organization Oxfam says food companies are making huge profits and their taxes need to be increased to reduce global inequality. In the last two years, the institution has…

In the report published by the British international humanitarian organization Oxfam, it was stated that the food companies that make big profits should pay additional income tax.

According to Oxfam’s report, published before the World Economic Forum meeting that will start today in Davos, Switzerland, it was reported that the taxes paid by the food companies, which make big profits with the rise in inflation, should be increased to help reduce global inequality.

In the report, it was noted that the world is besieged by simultaneous crises, including climate change, rising cost of living, the Russia-Ukraine war and the Kovid-19 outbreak, but the very rich are getting richer and company profits are increasing rapidly.

Oxfam’s report pointed out that over the past two years, the world’s wealthiest 1 percent have made nearly twice as much wealth as the remaining 99 percent combined.

The report noted that the total wealth of billionaires has increased by $2.7 billion a day since 2020, while at least 1.7 billion personnel live in countries where inflation exceeds price growth.

Aiming to tackle these issues, Oxfam has recommended more taxes on the wealthy to reduce mid-class inequality.

According to the report, powerful companies are using the Russia-Ukraine war as an excuse for larger price increases. Lack of competition for food and power also keeps prices high.

“The number of billionaires is increasing and they are getting richer,” Oxfam International Chief Executive Gabriela Bucher told the Associated Press. We are inviting the introduction of income tax,” he said.

The report pointed out that Tesla’s billionaire CEO Elon Musk’s actual tax rate from 2014 to 2018 was just over 3 percent.

After the Russia-Ukraine war caused oil and natural gas prices to rise last year, some governments have turned to taxing fossil fuel companies for their unexpected income.

Taking action on this issue, Portugal imposed additional income taxes on both power companies and food retailers, including supermarket and hypermarket chains. The application, which took effect at the beginning of January, will be valid throughout 2023.