Richest 1% bag two-thirds of $42 trillion in new wealth: Oxfam
Al JazeeraAPR 2023
The growing gap between the rich and poor, in wealth and income, is bad for everyone. When power and wealth are concentrated in a few hands, it usually leads to corruption, exploitation of the masses, and loss of faith in political and economic systems. The first step to reducing racial, social, and economic inequality is to pour more money into the hands of those who need it most.
While many have hit the panic button on widening income inequality reports, taxing the super-rich is not the solution to alleviate poverty, hunger, illiteracy, or unemployment. A wealth tax would do nothing to help low- and middle-income earners. Penalizing high-net-worth individuals, however, would drive out the wealth creators, bring in less revenue, and weaken the economy over time.