Countries can start tackling inequality today by triggering an “economic stimulus” directly into the pockets of those who need it most – by investing more in public services like health and education.
Oxfam warns that in spite of the advances made in the last decade, Latin America and the Caribbean remains the region of highest wealth inequality in the world. Its elites continue to accumulate extreme wealth and excessive power.
The G20 must take necessary steps to reform the international taxation system to stop wealthy tax dodgers, beginning at its Finance Ministers and Central Bank Governors meeting this weekend (22-23 Feb) in Sydney.
Progress by G20 Finance Ministers toward tackling the issue of multinational tax avoidance has been welcomed by Oxfam Australia Chief Executive Dr. Helen Szoke, though there is a need for more specifics on how and when low-income countries will benefit.
Wealthy elites have co-opted political power to rig the rules of the economic game, undermining democracy and creating a world where the 85 richest people own the wealth of half of the world’s population, worldwide development organization Oxfam warns in a report published today.