taxation

We need to transform our economies to deliver universal health, education and other public services. To make this possible, the richest people and corporations should pay their fair share of tax. This will drive a dramatic reduction in the gap between rich and poor and between women and men.

In response to the launch by France and Kenya of an international taxation taskforce at COP28 to push for new levies to raise further money for climate action, Nafkote Dabi, Oxfam International’s Climate Change Policy Lead, said: “While the will to move the international tax agenda towards raising critical new funds for countries most affected by the climate crisis is welcome, the proposals being put on the table fall far short of what is needed. Taxing excess profits and the obscene wealth in the hands of the top 1% should be at the core of this initiative. That’s where the money is —and this is what is needed to help stop the runaway inequality that is fueling climate breakdown."

The richest 1 percent of the world’s population produced as much carbon pollution in 2019 than the five billion people who made up the poorest two-thirds of humanity, reveals a new Oxfam report today. It comes ahead of the UN climate summit in Dubai, amid growing fears that the 1.5°C target for curtailing rising temperatures appears increasingly unachievable.

Pressure is piling on the G20 to lead a global push to increase taxes on the richest citizens back to past levels that most people believe were fairer and more useful for society. 

722 of the world’s biggest corporations together raked in over $1 trillion in windfall profits each year for the past two years amid soaring prices and interest rates, while billions of people are having to cut back or go hungry. 

A group of economists, activists, politicians and millionaires from seven countries across Europe today registered a ‘European Citizens’ Initiative’ (ECI) calling on the European Union (EU) to adopt a permanent annual wealth tax on Europe’s biggest fortunes to raise revenue to reduce poverty and inequality both at home and in poorer countries, and to tackle the climate crisis.

2023 could be a turning point. A year when the world emerges from unprecedented crises, and governments deliver progressive reforms that build a brighter future for all, and for the planet.

But despite the dire economic situation facing the poorest countries today, and much political discussion of the trillions needed to tackle poverty, inequality and climate change, there is no indication that rich countries are willing to pay the true price of a fair and sustainable future. 

New Oxfam analysis describes a $27 trillion black hole – accumulating at around $3.9 trillion a year to 2030 – that low-and-middle income countries face to meet climate-related loss and damages, adaptation, and mitigation measures, along with their health, education and social protection needs.

Africa is facing a crisis of extreme inequality which is undermining growth, preventing poverty eradication and contributing to insecurity. This briefing paper shows that COVID-19 has deepened this crisis, and that the responses of African governments and international financial institutions are making little difference as debt burdens grow and austerity kicks in.

The Covid-19 pandemic, compounded by locust infestations and climate crises, has brought East Africa’s worst economic crisis in decades. Yet, instead of taxing the wealthy, governments are planning to slash their public spending, which will worsen the crisis and deepen poverty and inequality in the region. But it is not too late to change direction.