Now Reading
Bill Gates and Oxfam Call for ‘Billionaire-Busting Policies’ to Address the Widening Wealth Gap

Bill Gates and Oxfam Call for ‘Billionaire-Busting Policies’ to Address the Widening Wealth Gap

Oxfam, the international poverty charity, has joined forces with Microsoft cofounder Bill Gates calling for governments to implementbillionairebusting policies to curb the everincreasing wealth of the worlds richest.

In a report released on Mondaycoinciding with the start of the World Economic Forums annual event in Davos, Switzerlandthe organization said that taxing billionaires just five percent would generate enough money to lift two billion people out of poverty.

Additionally, 1.7 billion workers across the globe are now living in countries where inflation outpaces wage growth, while the worlds wealthiest one percent of people have captured twothirds of all new wealth created since 2020amounting to $42 trillion.

Oxfam is now calling fora systemic and wideranging increase in taxation of the superrich to claw back crisis gains driven by public money and profiteering.

Taxing the superrich and big corporations is the door out of todays overlapping crises, Gabriela Bucher, executive director of Oxfam International, said in the organizations press release.Its time we demolish the convenient myth that tax cuts for the richest result in their wealth somehowtrickling down to everyone else. Forty years of tax cuts for the superrich have shown that a rising tide doesnt lift all shipsjust the superyachts.

Taxes on the wealthiest used to be much higher, but currently only four cents in every tax dollar comes from taxes on wealth, according to the report, which slammed wealthy individuals income asmostly unearned, derived from returns on their assets.

Yet it is taxed on average at 18 percent, just over half as much as the average top tax rate on wages and salaries, Oxfam said.

The charity is hoping their report will raise awareness of the growing wealth gap, and has earned the backing of Bill Gates, who said he supported the idea of rich people paying more in taxes during a Reddit Q&A last week.

I am surprised taxes have not been increased more, he said.For example, capital gains rates could be the same as ordinary income rates. I know things are tough for a lot of people.

He added that it was common for those at the top to lose sight of what life is like for the majority of people, arguing thatbeing rich can easily make you out of touch.

Gates sentiments aren’t particularly shocking, considering he announced last year he plans to give away “virtually all” of his wealth to his foundation, which is dedicated addressing issues like climate change and accessible healthcare.

Gates isnt the only highprofile billionaire to call for more taxes to be levied on societys wealthiest. Disney heiress Abigail Disney, Salesforce cofounder Marc Benioff and legendary investor Ray Dalio are among of a growing number of ultrawealthy people who have publicly expressed support for tax hikes on the rich.

However, there are some highnetworth players who arent on board with handing more of their cash over to the tax man.

Elon Musk has been a vocal opponent to levying more tax responsibilities on the worlds wealthiest. In 2021, he slammed proposals for a socalled billionaire tax, saying having to pay more taxes would disrupt his plans toget humanity to Mars.

Home depot cofounder Bernard Marcus and supermarket mogul John Catsimatidis, meanwhile, argued in an oped for the Wall Street Journal thatevery additional dollar the government takes from us is a dollar less for this critical process of expanding Americas wealth and jobcreating businesses.

Oxfam is pushing for governments to do more to address the growing wealth gap.

Decades of tax cuts for the richest and corporations have fueled inequality, with the poorest people in many countries paying higher tax rates than billionaires, the organization argued. Its now up to governments to decide whether to act on these calls forbillionairebusting policiesor continue to prioritize the interests of societys wealthiest.





© 2023 RELEVANT Media Group, Inc. All Rights Reserved.

Scroll To Top

You’re reading our ad-supported experience

For our premium ad-free experience, including exclusive podcasts, issues and more, subscribe to

Plans start as low as $2.50/mo