Profiting from pain

The urgency of taxing the rich amid a surge in billionaire wealth and a global cost-of-living crisis

Paper author: 
Oxfam
Paper publication date: 
Monday, May 23, 2022

Billionaire wealth has soared during the COVID-19 pandemic as companies in the food, pharma, energy, and tech sectors have cashed in. Meanwhile millions of people around the world are facing a cost-of-living crisis due to the continuing effects of the pandemic and the rapidly rising costs of essentials, including food and energy. Inequality, already extreme before COVID-19, has reached new levels. There is an urgent need for governments to implement highly progressive taxation measures that in turn must be used to invest in powerful and proven measures to reduce inequalities.