During the pandemic, billionaires have seen their collective wealth grow by a staggering $5 trillion, according to Forbes Magazine’s latest ranking of the world’s richest people. And as COVID-19 plunged the global economy into its deepest recession since the second world war, Forbes’ annual list grew to 2,755 people – adding 660 more billionaires to its ranks.
Amid a pandemic, the surge in wealth for the world’s richest is renewing a push for increasing their taxes. Proponents of wealth taxes say the measure could alleviate widening economic inequality and fund COVID-19 vaccination efforts needed to get the global economy back on track. Last week, the International Monetary Fund suggested that a temporary tax on the rich could finance and help meet heightened demand for social services.
In this episode of The Stream, we’ll look at the debate over wealth taxes.
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