Tax & Accounting News

"Survival of the Richest" Report Leads to Call For Increased Taxes For Wealthy

1/15/2023

The World Economic Forum is currently being held at Swiss ski resort, Davos, with Oxfam's new "Survival of the Richest" report making waves at the conference.

Credit: Andreas von Einsiedel/Getty images

The extensive study notes that there is immense inequality in wealth distribution worldwide, as the richest 1% of people have absorbed an increasing percentage of global wealth over the past decade, including during the pandemic era, while world poverty has increased for the first time in 25 years.

Specifically, the report suggests, “As a starting point, the world should aim to halve the wealth and number of billionaires between now and 2030, both by increasing taxes on the top 1% and adopting other billionaire-busting policies."

"This would bring billionaire wealth and numbers back to where they were just a decade ago in 2012," it went on to say.

The timing of the report's release is no accident, as it was intended to align with the start of this year's World Economic Forum.

Credit: Ascent-PKS Media, Inc./Getty Images

Political and business leaders from around the globe will remain ensconced at the Swiss Alps resort through Friday, discussing a variety of topics ranging from climate change to human rights to recession preparation.

The Washington Post shared thoughts from Daniel Bunn, president and CEO of the Tax Foundation, who believes that a 60 percent marginal tax rate on the world’s wealthiest 1% would be “an enforcement challenge to begin with” and could encourage avoidance or evasion. Bunn thinks a broader tax base at a lower rate might be a better long-term solution.

Regardless, if global wealth distribution is to shift, Oxfam executive director Gabriela Bucher believes serious changes must be made.

In a recent press release, she said, “Just two years in, this decade is shaping up to be the best yet for billionaires — a roaring ’20s boom for the world’s richest.”

It is worth pointing out that some billionaires, including Microsoft founder Bill Gates and Ken Griffin, have indicated they would welcome higher taxes for the ultra-rich.

What do you think about Oxfam's new report?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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