The system supports the rich
Oxfam said that a 2.5 percent tax on the top 100 Indian billionaires or a five percent tax on the top 10 Indian billionaires would provide almost the entire amount needed to get children back to school. Oxfam said the report blends qualitative and quantitative information to explore the impact of inequality in India. Oxfam India CEO Amitabh Behad said the country’s marginalised, Dalits, Adivasis, Muslims, women and workers in the informal sector are victims of a vicious cycle that ensures the survival of the richest.
The poor are paying more taxes, spending more on essential goods and services than the rich, he said. The time has come to tax the rich and ensure that they pay their fair share. Behad urged the Union Finance Minister to introduce progressive tax measures such as wealth tax and inheritance tax. He said that these taxes have historically proved effective in tackling inequality.
This happened for the first time in 25 years.
Oxfam said that the richest one percent globally amassed almost twice as much wealth as the rest of the world’s population over the past two years. According to the report, the wealth of billionaires is increasing by $2.7 billion a day, while at least 1.7 billion workers now live in countries where the rate of inflation exceeds the increase in wages. The richest one percent in the world gained nearly half of all new wealth during the past decade. For the first time in the last 25 years, extreme wealth and extreme poverty have increased together.
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