Oxfam Pushes for Extraordinary Tax on Food Corporations
Oxfam Calls for Extraordinary Taxes to Combat Inequality at the World Economic Forum (WEF)
The anti-poverty group Oxfam has made a demand on the eve of the World Economic Forum (WEF) annual meeting in Davos, Switzerland, calling upon food companies earning large benefit from rising inflation to pay extraordinary taxes to help reduce world’s inequality.
The group, which aims to spark expert debates among business and government leaders this week, released a report noting that the world is receiving simultaenous crises, including climate change and the Covid-19 pandemic, and the richest 1% of the population through the world has earned almost twice as much as the remaining 99% combined. At least 1.7 billion workers live in countries where inflation surpasses their wages.
In order to combat these problems, Oxfam has pushed for higher wages, taxes on the rich, and increasing minimum rates for the wealthiest. Additionally, the group has done an analysis of 95 companies that have made extraordinary profits, leading to the conclusion that 84% of these profits were passed on to shareholders, while the higher prices are found shouldered by the consumer.
Oxfam believes that food and energy, which have oligopolies dominating the areas, have kept the prices high due to lack of competition. The group proposes that taxes on the world’s richest and the halving the wealth and number of billionaires by 2030 are key starting points. Swiss support agency Solidar Suisse concur with Oxfam’s propositions, claiming that fair taxation of the world’s richest could be an instrument against extreme inequality.