Oxfam, the Fight Inequality Alliance, the Institute for Policy Studies and the Patriotic Millionaires have said a single emergency tax could raise £ 4 trillion and still leave the world’s 2,690 billionaires £ 40 billion of more than before March 2020.
They said governments around the world are “massively under-taxing the richest individuals and big businesses, which undermines the fight against Covid-19, poverty and inequality.”
Max Lawson, Global Inequality Policy Officer, Oxfam International, said: “Covid-19 turns the gap between rich and poor into an unbridgeable one.
“The obscene wealth levels drawn from the pandemic by a handful of the mega-rich should be immediately taxed at 99% enough to completely immunize everyone on earth and help millions of workers who have lost their jobs due to Covid-19 .
“Only with this kind of radical and progressive policy will we be able to fight inequalities and end poverty. ”