Capitol Hill Blue Forums Life and Moral Issues Morality & Society Profits of Worlds 100 Wealthiest Could End Poverty

According to the report, ‘The cost of inequality: how wealth and income extremes hurt us all,’ the $240 billion net income in 2012 of the richest 100 billionaires would be enough to eliminate extreme poverty four times over. In releasing the report, Oxfam is calling on world leaders to curb today’s income extremes and commit to bringing back inequality levels to at least those experienced in the early 1990's.

“Concentration of resources in the hands of the top one per cent depresses economic activity...."
Oxfam is calling for a 'new global deal' which would stabilize the world's economic systems and bring equality back in way that would benefit all humanity.
“From tax havens to weak employment laws, the richest benefit from a global economic system which is rigged in their favour. It is time our leaders reformed the system so that it works in the interests of the whole of humanity rather than a global elite.”
The group estimates that closing tax havens – which hold as much as $32 trillion or a third of all global wealth -– could yield an additional $189bn in additional tax revenues. In addition to a tax haven crackdown, elements of the "global new deal" Oxfam envisions would include:
* a reversal of the trend towards more regressive forms of taxation;
* a global minimum corporation tax rate;
* measures to boost wages compared with returns available to capital;
* increased investment in free public services and safety nets.