Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual Meeting in Davos, rights group Oxfam International said that taxing India's 10-richest at 5 per cent can fetch entire money to bring children back to school. https://www.rediff.com/news/report/indias-richest-1-own-over-40-of-total-wealth-oxfam/20230116.htm
The report titled 'Survival of the Richest' further said that if India's billionaires are taxed once at 2 per cent on their entire wealth, it would support the requirement of Rs 40,423 crore for the nutrition of malnourished in the country for the next three years.
By Barun Jha
16/01/2023
"Survival of THE Richest How we must tax the super-rich now to fight inequality " Executive Summary by OXFAM
We are living through an unprecedented moment of multiple crises. Tens of millions more people are facing hunger. Hundreds of millions more face impossible rises in the cost of basic goods or heating their homes. Poverty has increased for the first time in 25 years. At the same time, these multiple crises all have winners. The very richest have become dramatically richer and corporate profits have hit record highs, driving an explosion of inequality. This report focuses on how taxing the rich is vital to addressing this unprecedented polycrisis and skyrocketing inequality. The report explores how, in recent history, taxation of the richest was far higher; how talk of taxing the rich and making billionaires pay their fair share is hugely popular; and how taxing the rich claws back elite power and reduces not just economic inequality, but racial, gender and colonial inequalities, too. The report lays out how much tax the richest should pay, and the practical, tried and tested ways in which governments can raise such taxation. It shows us how taxing the rich can set us clearly on a path to a more equal, sustainable world free from poverty
© Oxfam International January 2023 Lead authors: Martin-Brehm Christensen, Christian Hallum, Alex Maitland, Quentin Parrinello, and Chiara Putaturo. Contributing authors: Dana Abed, Carlos Brown, Anthony Kamande, Max Lawson and Susana Ruiz
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