Tax on the richest at 70% to be way to address poverty and inequality
22:17
Economic inequality around the world is getting worse. How to stop it? Joseph Stiglitz, an American economist, and Nobel laureate believes that a tax for the richest at 70 percent should be introduced.
Stiglitz believes that the introduction of a special worldwide income tax rate of 70 percent for the rich would be a chance to reverse the years-long trend of rising incomes for the richest. However, he added, it would work best to introduce wealth taxes on fortunes accumulated by the world's richest over many generations.
The Nobel laureate commented on the latest edition of Oxfam's annual report on financial inequality. The data shows that the world's richest people, who make up 1 percent of the population, have become twice as rich as the rest of the world since the pandemic. Their fortunes have increased by $26 trillion. Thus, it no longer represents not half, but two-thirds of global wealth.
