In the last ten years, the world’s richest 1% have gotten a lot richer. They have gained $42 trillion of new wealth—34 times more money than what the poorest half of the world’s population has gained.
Now, consider this person by person to understand it even better. If you work out the average for every person in the top 1%, it gets richer by about $400,000. For people in the bottom half, they got only about $335 richer. That is less than 9 cents more per day.
This week the G20 money chiefs of large nations meet in Brazil. They discuss imposing higher taxes on the rich. A lot of people observe that this could be a very excellent idea, since clearly, the gap between rich and poor has grown so wide.
The richest 1% of people keep getting more and more money, while everybody else has to fight for what is left,” said Max Lawson from a group called Oxfam. He hopes the G20 leaders will agree to make rich people pay more taxes.
It used to be that rich people had to pay more in taxes. Through the years, the taxation of rich people has drastically come down. Now, in G20 countries, less than 8 cents out of every dollar in taxes comes from taxes on wealth.
Oxfam found that the richest 1% are making 45% more money in G20 countries than they were 40 years ago. Yet the highest tax rates they pay have gone down by about one-third.
The super-rich, or the billionaires, pay only a tiny fraction of taxes against the money they have. They pay less than half a penny in tax for every dollar of their wealth. Their money has been growing at about 7% per annum over the past 40 years.
Oxfam says billionaires have to be made to pay at least 8% of their wealth in taxes every year to stop getting richer and richer.
Also Read | Apple’s Watch for kids service now available in India
Thousands of people globally think the rich should be paying more in taxes. For example:
Even many rich people themselves think they should pay more taxes. Around three in four millionaires say they support higher taxes on wealth in G20 countries.
It causes problems in society when rich people get much richer while poor people are still poor. Many people believe it is not fair and would like to see some changes. That is the importance of these discourses concerning imposing higher taxes on the rich. If rich people pay more in taxes, then that money can be used to help everyone else.
The young Indian wicketkeeper-batsman Ishan Kishan has come out with a solid statement in the…
In anticipation of the October 10 release of the Rajinikanth-starring film Vettaiyan, Lyca Productions is…
Chief Minister of Delhi Arvind Kejriwal, the father of AAP announced his resignation. He said…
The grand finale of the Asian Hockey Champions Trophy 2024 is set to take place…
The Competition Commission of India (CCI) has relaxed its rules on mergers and acquisitions; acquiring…
British Prime Minister Keir Starmer is in the US for discussions with President Joe Biden…
This website uses cookies.
Read More