Governments have a choice, argues a new icrict report: Impose austerity programs that harm the poor, or tax 'the multinationals and the super-rich, many of whom have also benefited from the crisis.'
The United Kingdom, meanwhile, approved a 25% windfall tax on oil and gas firms in May—but new right-wing Prime Minister Liz Truss hasCritics have lamented the limited nature of the windfall taxes pursued thus far. Chiara Putaturo, a tax expert at Oxfam E.U.,earlier this month that the European bloc's proposal is"a step forward but only addresses a part of the problem."
"We need a windfall tax that applies to all companies profiteering from the crisis," said Putaturo."In the last two and a half years, big multinationals from a variety of sectors such as pharma, Big Tech, energy, and food have raked in enormous profits. Meanwhile, inflation is up and pushing more and more people into poverty. Revenues from a broad windfall tax will make sure that it is not the poorest who are paying the highest price.
Ghosh, ICRICT's co-chair, echoed that sentiment during last week's press conference, noting that pharmaceutical companies profited hugely from the pandemic and that"food multinationals have never had it so good." "We are not regulating them. We are not taxing them. We are not preventing them from doing really terrible things, not just to people in developing countries but to the world and to the planet," said Ghosh."It's extraordinary how government support of a few large companies is enabling a wide-scale increase in inequality, a massive destruction of our ecological foundations, and driving a very significant proportion of humanity into absolute starvation.
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