The direct imposition of permanent annual taxes on the earnings of the world’s richest individuals could redistribute wealth and lift millions out of poverty, a report presented to the World Economic Forum (WEF) on Wednesday outlined.
Under the globalist proposal, supranational taxation would start at a rate of two percent on wealth over $5 million and progress to five percent on wealth over $1 billion, generating $2.52 trillion. This would be in addition to – and on top of – whatever taxes are imposed at source by individual national authorities.
That is claimed to be enough to cover the cost of two inoculations and a booster for the world’s estimated eight billion people several times over, according to analysis on 66 countries by Fight Inequality Alliance, Institute for Policy Studies, Oxfam and Patriotic Millionaires.
The group says unless heads of state and government and CEOs acknowledge the “simple, effective solution staring them in the face —taxing the rich,” people around the world “will continue to see their so-called dedication to fixing the world’s problems as little more than a performance.”
“The insane reality is that whilst billions face a daily struggle to survive during this pandemic, billionaire wealth is spiraling out of control. This cannot be right,” Jenny Ricks, global convenor of the Fight Inequality Alliance, said in a statement seen by AFP.
The tax proposal was made to coincide with a meeting of the WEF which is taking place online for the second straight year as its Davos gathering was postponed due to the spread of the Omicron variant.
Founder and Executive Chairman of the World Economic Forum (WEF) Klaus Schwab is seen at the opening of the WEF Davos Agenda virtual sessions at the WEF’s headquarters in Cologny near Geneva on January 17, 2022. (FABRICE COFFRINI/AFP via Getty Images)
Klaus Schwab listen Chinese President Xi Jinping, seen on the TV screen, speaking remotely at the opening of the WEF Davos Agenda virtual sessions. (FABRICE COFFRINI/AFP via Getty Images)
The group said a steeper progressive tax, which includes a 10 percent levy on billionaires, would raise $3.62 trillion a year. It added that actual levels of taxation would be country specific.
Ricks told AFP the group chose a lower progressive tax that was on the “realistic side”.
A similar call for global taxes on the rich was made by Pope Francis in 2020 when he said international wealth redistribution needed to be made a priority.
Oxfam said earlier this week the world’s 10 wealthiest men doubled their fortunes to $1.5 trillion during the first two years of the pandemic, as Breitbart News reported .
The open letter to Davos participants maintained the current tax system “is not fair” before claiming the worlds’ 2,660 billionaires now have wealth around the same size as the Chinese economy.
“The world — every country in it — must demand the rich pay their fair share,” the letter says. “Tax us, the rich, and tax us now.”
No recommendation was made on exactly which globalist body would collect the taxation nor who would choose to distribute it.
Profits of Doom: Globalist Elites Doubled Their Wealth During Coronavirus Pandemic Getty Images 2:56
As the world was buffeted by a coronavirus tsunami leaving forced lockdowns, supply-chain problems, economic upheaval, and poverty in its wake, globalist financial elites “have had a terrific pandemic” according to a report released Monday.
The world’s 10 richest men have more than doubled their fortunes to $1.9 trillion, at a rate of $1.6 billion a day, over the past 12 months, proving elites have largely been spared the misery and financial ruin inflicted on so many by endless enforced lockdowns.
A confederation of charities that focus on alleviating global poverty, Oxfam said members of the globalist financial elites saw their wealth rose more during the pandemic more than it did the previous 14 years, when the world economy was suffering the worst recession since the Wall Street Crash of 1929.
These are some of the main points from Oxfam’s latest report , Inequality Kills, which has been released as global business leaders meet virtually this week for the World Economic Forum (WEF) in Davos, Switzerland.
“We have a situation where 10 men hold more wealth than that of two-thirds of humanity,” Lyn Morgain, chief executive of Oxfam Australia, told Australia’s ABC news outlet.
“Not only that, but that bottom 40 percent are hanging on by a thread.”
The report highlights what the charity says are “unprecedented” levels of global inequality as coronavirus sharpens the divide between “us and them,” the “haves and have nots.”
Jeff Bezos speaks about his flight on Blue Origin’s New Shepard into space during a press conference on July 20, 2021 in Van Horn, Texas. (Joe Raedle/Getty Images)
Meanwhile the likes of Tesla co-founder Elon Musk, Amazon’s Jeff Bezos, and Facebook’s Mark Zuckerberg, enjoyed the greatest year-on-year growth since records began, the report outlined.
At a time when a group of these men were using their riches to rocket into outer space, the charity said, the World Bank had projected that more than 160 million people had been pushed into poverty.
In all, 20 new “pandemic billionaires” have also been created in Asia thanks to the international response to coronavirus, according to the charity.
Forbes listed the world’s 10 richest men as: Tesla and SpaceX chief Elon Musk, Amazon’s Jeff Bezos, Google founders Larry Page and Sergey Brin, Facebook’s Mark Zuckerberg, former Microsoft CEOs Bill Gates and Steve Ballmer, former Oracle CEO Larry Ellison, U.S. investor Warren Buffet and the head of the French luxury group LVMH, Bernard Arnault.
The Oxfam report follows a December 2021 study by the group which found that the share of global wealth of the world’s richest people soared at a record pace during the pandemic.
Follow Simon Kent on Twitter: or e-mail to: skent@breitbart.com Democrats: $625B Tax Cut for Wealthy Elite ‘Essential’ Ahead of Midterms
Sean Gallup/Chip Somodevilla/Jeff Gentner/Drew Angerer/Getty Images
JOHN BINDER
11 Jan 2022 0
3:30
Democrats say cutting hundreds of billions of dollars in taxes for mostly wealthy income-earners in coastal states is “essential” to getting reelected in this year’s midterm elections.
In November, House Democrats passed President Joe Biden’s “Build Back Better Act” which includes billions in tax breaks to the wealthiest residents of blue states. Specifically, the plan would give a tax cut to about 67 percent of the nation’s richest Americans — those earning more than $885,000 every year — costing taxpayers about $625 billion .
Under Biden’s plan, those in the top one percent would receive an average tax cut of more than $16,000 this year. The tax cuts for the wealthy would be a result of the plan’s increasing the State and Local Tax (SALT) deduction cap.
Ahead of the midterm elections in November, House Democrats are warning their rich donors that they must get out and vote for them to secure the massive tax cut. Rep. Sean Patrick Maloney (D-NY) called the tax cuts for the rich “essential” in an interview with Bloomberg News.
Chart via Bloomberg News
“We need to get that done. It’s not the only thing, but it’s a big thing,” Maloney said, who represents one of New York’s wealthiest areas — Westchester County. Rep. Haley Stevens (D-MI) called the tax cut “really important” for her constituency.
“If you want your state and local deductions back, you have to vote for Democrats. Republicans screwed you last time, and they’ll do it again,” Maloney said.
At the same time, a number of Democrats are blasting the effort, including Rep. Alexandria Ocasio-Cortez (D-NY), Sen. Bernie Sanders (I-VT), and Rep. Jared Golden (D-ME).
Sanders has said:
At a time of massive income and wealth inequality, the last thing we should be doing is giving more tax breaks to the very rich. Democrats campaigned and won on an agenda that demands that the very wealthy finally pay their fair share, not one that gives them more tax breaks.
Meanwhile, Democrats want to squeeze an extra $200 billion out of American taxpayers by mostly targeting working and middle class earners with more Internal Revenue Services (IRS) audits.
The plan ensures nearly 600,000 more working and middle class Americans earning $75,000 or less a year would be audited by the IRS. Of those new IRS audits, more than 313,000 would target the poorest of Americans who earn $25,000 or less a year.
In 2017, former President Trump had the SALT deduction capped at $10,000. Since then, Democrats have sought to deliver their wealthy, blue state donors with a massive tax cut by eliminating the cap altogether or greatly increasing it.
Biden, for instance, had sought to include tax cuts for his billionaire donors in a Chinese coronavirus relief package earlier this year. The plan was ultimately cut from the package. House Speaker Nancy Pelosi (D-CA), in May 2020, also tried to include the plan in a coronavirus relief package.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here .
E BIDEN'S WEALTH HAS NEARLY DOUBLED DURING HIS FIRST 12 MONTHS OF DEBACLE!
The Fed Will Buy Stocks Next Crash
“Protect and enrich.” This is a perfect encapsulation of the Clinton Foundation and the Obama book and television deals. Then there is the Biden family corruption, followed closely behind by similar abuses of power and office by the Warren and Sanders families, as Peter Schweizer described in his recent book “Profiles in Corruption.” These names just scratch the surface of government corruption.
BRIAN C JOONDEPH
Congress Are Becoming Filthy Rich From Manipulating The Stock Market & Insider Trading
Inflation is a Wealth Transfer from the Poor to the Rich https://www.youtube.com/watch?v=F-iNN3CN8k8
Democrats: $625B Tax Cut for Wealthy Elite ‘Essential’ Ahead of Midterms Sean Gallup/Chip Somodevilla/Jeff Gentner/Drew Angerer/Getty Images 3:30
Democrats say cutting hundreds of billions of dollars in taxes for mostly wealthy income-earners in coastal states is “essential” to getting reelected in this year’s midterm elections.
In November, House Democrats passed President Joe Biden’s “Build Back Better Act” which includes billions in tax breaks to the wealthiest residents of blue states. Specifically, the plan would give a tax cut to about 67 percent of the nation’s richest Americans — those earning more than $885,000 every year — costing taxpayers about $625 billion .
Under Biden’s plan, those in the top one percent would receive an average tax cut of more than $16,000 this year. The tax cuts for the wealthy would be a result of the plan’s increasing the State and Local Tax (SALT) deduction cap.
Ahead of the midterm elections in November, House Democrats are warning their rich donors that they must get out and vote for them to secure the massive tax cut. Rep. Sean Patrick Maloney (D-NY) called the tax cuts for the rich “essential” in an interview with Bloomberg News.
Chart via Bloomberg News
“We need to get that done. It’s not the only thing, but it’s a big thing,” Maloney said, who represents one of New York’s wealthiest areas — Westchester County. Rep. Haley Stevens (D-MI) called the tax cut “really important” for her constituency.
“If you want your state and local deductions back, you have to vote for Democrats. Republicans screwed you last time, and they’ll do it again,” Maloney said.
At the same time, a number of Democrats are blasting the effort, including Rep. Alexandria Ocasio-Cortez (D-NY), Sen. Bernie Sanders (I-VT), and Rep. Jared Golden (D-ME).
Sanders has said:
At a time of massive income and wealth inequality, the last thing we should be doing is giving more tax breaks to the very rich. Democrats campaigned and won on an agenda that demands that the very wealthy finally pay their fair share, not one that gives them more tax breaks.
Meanwhile, Democrats want to squeeze an extra $200 billion out of American taxpayers by mostly targeting working and middle class earners with more Internal Revenue Services (IRS) audits.
The plan ensures nearly 600,000 more working and middle class Americans earning $75,000 or less a year would be audited by the IRS. Of those new IRS audits, more than 313,000 would target the poorest of Americans who earn $25,000 or less a year.
In 2017, former President Trump had the SALT deduction capped at $10,000. Since then, Democrats have sought to deliver their wealthy, blue state donors with a massive tax cut by eliminating the cap altogether or greatly increasing it.
Biden, for instance, had sought to include tax cuts for his billionaire donors in a Chinese coronavirus relief package earlier this year. The plan was ultimately cut from the package. House Speaker Nancy Pelosi (D-CA), in May 2020, also tried to include the plan in a coronavirus relief package.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here .
Be (Very) Afraid: World Economic Forum Expands List of Global Fears for 2022 FABRICE COFFRINI/AFP via Getty 4:09
Cyber attacks, militarization of space, extreme weather events, ecosystem collapse, social divisions, wars and the coronavirus pandemic. These are the key worries the World Economic Forum (WEF) highlighted Tuesday as reasons to be fearful for 2022.
A report released by the Switzerland-based organization, headed by founder and executive chairman Klaus Schwab, detailed the grim tidings ahead of the annual elite winter gathering of CEOs and world leaders in the ski resort of Davos.
The event has been postponed for a second year in a row because of coronavirus. WEF organizers still plan some virtual sessions next week, however its Global Risks Report 2022 makes for unpleasant reading.
It is based based on a survey of about 1,000 experts and leaders and in summary says:
WORLD OUTLOOK
The pandemic and its economic and societal impact still pose a “critical threat” to the world, the report said. Big differences between rich and poor nations’ access to vaccines mean their economies are recovering at uneven rates, which could widen social divisions and heighten geopolitical tensions.
By 2024, the global economy is forecast to be 2.3 percent smaller than it would have been without the pandemic. Commodity prices, inflation, and debt are rising in both the developed and developing worlds.
DIGITAL DISHARMONY
Attacks on critical infrastructure, misinformation, fraud and digital safety in 2022 will impact public trust in digital systems and increase costs for all stakeholders, the report said.
“We’re at the point now where cyberthreats are growing faster than our ability to effectively prevent and manage them,” said Carolina Klint, a risk management leader at Marsh, whose parent company Marsh McLennan co-authored the report with Zurich Insurance Group and SK Group.
WEF head Klaus Schwab (L) is welcomed by Chinese President Xi Jinping (R) at the start of their meeting at the Great Hall of the People in Beijing on April 16, 2018. (NAOHIKO HATTA/AFP via Getty)
SPACE RACE
The most immediate consequence of increased space activity is a higher risk of collision between near-Earth infrastructure and space objects, which could affect the orbits upon which key systems on Earth rely, damage valuable space equipment, or spark international tensions in a realm with few governance structures.
Growing militarization of space also risks an escalation of geopolitical tensions, particularly as space powers fail to collaborate on new rules to govern the realm, the report concludes.
CLIMATE THREATS
The environment remains the biggest long-term worry for all who responded to the survey.
The planet’s health over the next decade is the dominant concern, according to survey respondents, who cited failure to act on climate change, extreme weather, and loss of biodiversity as the top three risks.
Former U.S. President Bill Clinton (R) speaks to the audience next to the World Economic Forum founder and executive chairman Klaus Schwab on the second day of the World Economic Forum in Davos on January 27, 2011. (JOHANNES EISELE/AFP via Getty Images)
WORLD BORDERS/DIPLOMACY
The report expresses the concern lingering effects of the coronavirus pandemic, increased economic protectionism and new labour market dynamics are inhibiting migrants migrants seeking to change countries for economic refuge.
Decreasing opportunities for orderly migration and the spillover effect on remittances risk forgoing a potential pathway to restoring livelihoods, maintaining political stability, and closing income and labour gaps, the report laments.
The WEF has previously floated its answers to a world of fear by promoting varying degrees of increased societal control under the guise of the self-described Great Reset, as Breitbart News reported .
The organization still calls for immediate action in 2022 to stave off all the above threats.
“Global leaders must come together and adopt a coordinated multi-stakeholder approach to tackle unrelenting global challenges and build resilience ahead of the next crisis,” Saadia Zahidi, WEF managing director, said.
AP contributed to this report.
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