A number of international organizations and millionaires have proposed a tax on the super-rich in order to combat the coronavirus pandemic. “While billions of people struggle to survive amid the pandemic, billionaire wealth is spiraling out of control. This can’t be fair,” Fight Inequality Alliance coordinator Jenny Ricks said Wednesday, Jan. 19.
The activists unveiled their initiative on the occasion of the World Economic Forum in Davos, which is being held virtually this year due to the coronavirus pandemic.
How much should the super rich pay?
Together with the international humanitarian organization Oxfam, the American Institute of Political Science and the Patriotic Millionaires, an association of wealthy Americans, the movement to combat inequality has proposed a global tax on the super-rich, depending on the size of their wealth. Property over $5 million is proposed to be subject to an annual tax of 2 percent, property over $50 million – a tax of 3 percent, and property over a billion dollars – a tax of 5 percent.
Activists estimate that as a result, more than $2.5 trillion could be raised annually. This would lift 2.3 billion people out of poverty and provide coronavirus vaccines to the entire population of the Earth.
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