WE MUST DESTROY CAPITALISM TO END THIS GROWING INJUSTICE

SOURCE: Público The richest 1% of the population accumulates 63% of the wealth produced since 2020 worldwide In just one decade, the number of billionaires and their wealth have doubled, according to a report published by Oxfam Intermón. The entity is committed to raising taxes on those who have more to reduce growing inequality. The richest 1% of the population accumulates almost two-thirds of the new wealth generated globally between December 2019 and December 2021 and is valued at 42 trillion dollars. This figure translates into almost double that of the remaining 99% of humanity. These are the conclusions revealed by a new report by Oxfam Intermón. The entity has published, coinciding with the start of the World Economic Forum in Davos, the document that under the title The law of the richest, concludes that during the last decade the richest 1% has accumulated around 50% of the new wealth. "Elites are coming together in a context in which extreme wealth and poverty in the world have increased simultaneously for the first time in 25 years," said Franc Cortada, director of Oxfam Intermón. Thus, the NGO explains that for every dollar of new global wealth received by a person from the poorest 90% of humanity, a billionaire keeps 1.7 million dollars. The main consequence of this situation is that the fortunes of billionaires grow at a rate of 2,700 million dollars a day. The fortunes of billionaires grow at a rate of 2,700 million dollars a day In a decade, the number of billionaires and their wealth have doubled. Since 2020, the combined value of Spanish billionaires' wealth has increased by nearly $3 billion, equivalent to an increase of about three million dollars a day, according to Oxfam. In addition, the entity affects that last year energy and food companies doubled their profits and distributed 257,000 million dollars (just under 240,000 million euros) in dividends to their shareholders, compared to more than 800 million people "who go to bed hungry every night". The NGO also highlights that at least 1.7 billion workers live in countries where inflation growth is above that of wages. "Women and girls tend to eat last and in smaller amounts at home, and represent almost 60% of the world's population suffering from hunger," said Cortada. The solution: raise taxes on those who have more Faced with this situation, the NGO urges to raise taxes on large fortunes to 75%, to reduce growing inequality and mitigate the effects of a "polycrisis" derived from the rise in inflation, the blows of the pandemic and the effects of phenomena such as droughts, cyclones and floods. Oxfam says tax rates on the wealthiest should be "at least" 75 percent. In fact, the main conclusion of the study is that if a wealth tax of up to 5% were applied to billionaires and billionaires, 1.7 trillion dollars (1.5 trillion euros) could be raised annually, which would allow 2,000 million people to escape poverty, in addition to financing a global plan to end hunger. Currently, in about 100 countries the maximum i

ncome tax is around 31%, while in 123 states it does not exceed 18%, very low percentages that show a downward trend that breaks with what was in force "for much of the twentieth century", when the maximum marginal tax rates of 60% on personal income for groups with higher incomes "were the norm". Oxfam argues that tax rates on the wealthiest should be "at least" 75%, which would "discourage the payment of very high bonuses and exorbitant salaries to senior managers."