During the first world war, the US increased its tax rate for people with the highest incomes to 67%. In the second world war, President Franklin Delano Roosevelt tried to cap individual income at $25,000. In December last year, Argentina put in place a one-off tax on people with more than 200m Argentinian pesos ($2.5m, £1.8m) that had raised 223bn pesos ($2.4bn) as of May. “Our economies are choking on this hoarded resource that could be serving a much greater purpose,” Pearl said. “Billionaires need to cough up that cash ball – and governments need to make them do it by taxing their wealth.”
The analysis used data from the financial magazine Forbes, which showed that billionaires increased their wealth by $5.5tn from 18 March 2020 to 31 July 2021. The increase over 17 months was greater than the $5.4tn billionaires gained in the 15 years from 2006 to 2020, the analysis said.
Each vaccine dose is estimated to cost $7 in the analysis, which determined two doses for 5 billion adults would cost $70bn. At least one dose of the Covid-19 vaccine has been administered to 30.7% of the world’s population, but only 1.2% of people in low-income countries have received a first dose.
To determine how much money from the one-time tax could go to unemployed workers, the group looked at a February report by the International Labour Organization, which found that 220 million people were unemployed globally.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction