World's richest 1% gained $40 tn in a decade: Oxfam
World's richest 1% gained $40 tn in a decade: Oxfam
The world's richest one percent increased their fortunes by a total of $42 trillion over the past decade, Oxfam said Thursday, ahead of a G20 summit in Brazil where taxing the super-rich tops the agenda.
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Its a built in feedback loop. Under capitalism, resources are distributed based on capital. But capital is a resource. So its naturally going to concentrate.
We need hard caps on wealth
Not sure how you achieve that in a world with multiple nations though. Capital is naturally pretty mobile.
G20 is currently holding negotiations to start imposing a minimum tax on billionaires, guess which country is against that...
Vatican City? Please, please be Vatican City.
(I know it isn't)
Capital is naturally pretty mobile.
Ban export of capital.
How do you see it play out if we say, in the US, any wealth over the cap gets taxed away.
It will only cause more capital to go to tax havens.
Still count it towards their wealth