Australian billionaires and the world's 10 richest men doubled their fortunes during the pandemic. Is it time for a wealth tax?

Australian billionaires and the world's 10 richest men doubled their fortunes during the pandemic. Is it time for a wealth tax?

17/01/2022 10:27:00 AM

Australian billionaires and the world's 10 richest men doubled their fortunes during the pandemic. Is it time for a wealth tax?

Oxfam urges governments to consider a 99 per cent, one-off tax on the COVID-19 wealth gains, as its new report reveals that while 99 per cent of humanity is now worse off, 'billionaires have had a terrific pandemic'.

Key points:A new Oxfam report reveals inequality has worsened during the pandemicThe charity says the World Bank has projected that COVID-19 has pushed over 160m people into povertyOxfam is calling on governments to consider a one-off, 99 per cent wealth tax on COVID-19 windfall gains

Over the past two years, the wealth of Australia's 47 billionaires has doubled to $255 billion.That is more wealth in the hands of 47 people than about 7.7 million Australians.Globally, the world's 10 richest men have more than doubled their fortunes to $1.9 trillion, at a rate of $1.6 billion a day.

Read more: ABC News »

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I really don't know what to think about shit like this... Yes Let's see this for the distraction that it is... governments are the ones to be held accountable here! I don't know anyone who has doubled their wealth in the last 2 years, but I know many who have gone into huge debt just to buy a home to live in.

Indeed it’s time! fedup42Mn Wakey wakey folks Top 10% pay 44% of all taxes There already is a wealth tax, the more you earn the higher the tax rate, the more tax you pay. Penalise the hard workers….. Yes! No nomadcapitalist Australia's taxpayer funded broadcaster.

they must have bought loads of pharmaceutical shares By buying shares in pharmaceutical companies before the 'PANDEMIC FLU' strode into the media? Only the elderly and healthcare staff vaccinated against the every other year (without the publicist) pandemic flu. Telecommunication shares just before everyone was prevented working?

Look at what China is doing 😈 This sounds like a Typical Labor Socialistic reaction to entrepreneurs who actually achieve their goals. It's called Jealous Reaction. Jealousy. No. Yes, yesterday Yes, tax them. If they want to spend it then spend it and you won't get taxed. Spend or get taxed. Hording shares shouldn't be a legal way to get out of taxes.

Absolutely NOT. Yes they can afford it but they also employ a wealth of people who wouldn't have had a job. Consider more how much money government pulls out of the tax paying public and ask what they do for it. It’s time to tax the rich, in Australia just like the U.S., but AlboMP can’t even bring himself to propose it.

Not going to happen while grubby corrupt officials can continue to make money through back door wheeling dealing. One has only to look at the behaviour of Eddie Obied his sidekick Ian McDonald.

There is wealth tax already.... Its called payroll tax, GST, luxury goods taxes, CGT, +++++++++++++ Yes Or eliminate loopholes and political donations rorts Coming from a Tax funded network, of course What a joke of an article. Elon Musk alone paid over $11 billion in taxes last year maybe get them to pay their fair share that’s it. These people don’t just get given it they worked hard which is something some Aussies could take out of it stop sitting on you couch and get a job

‘Is it time’!? Clickbait garbage from . Read the room. The very wealthy can employ very clever accountants and solicitors - the 'not so wealthy' are usually the ones that end up paying. Just make sure present taxes are paid. They are not paying their fair share... that is the point. Plus tax the churches while you are at it and stop leaving the bulk of tax payers money being paid from the workers. If it was totally fair this would not be an issue

It has always been time for a wealth tax. The best time to plant a tree is 20 years ago, the second best time is now.

I’m working 3 jobs and studying and the tax I have to pay is ridiculous. And I’m just managing! Haha! These are ‘tell me your a liberal voter without telling me your a liberal voter’ kinda responses. And still no one sees that the world's richest are what is normally considered non productive overhead as marketing managers. It's time to move toward wage parity proportionate to productivity.

Low interest rates are a gravy train for the mega rich. Instead of realizing capital gains they borrow to invest then claim the interest as a deduction off their already tax avoided earnings. The worst bit is they use the money to buy assets like housing inflating them further. It's time to overthrow capitalism 💅

Nah. Let the greedy pricks have it. You know.... the miners said they'd leave it we taxed them more on their super profits. Fuck yes! Tax them. Spread it around. Unrealised wealth gains are not income and should never be treated as such. It is time to look at what it cost everyone for those few to make a fortune.

Nah just cut government media funding kthnx. Yes

People can be as rich as they want as long as they pay the tax for the money they make, if they use an offshore account the PM should be able to publicly bitch slap each billionaire who doesnt adhere to the rules..? Who wouldn't want to see a billionaire smacked upside the head? Wealth taxes a relatively poor ways of addressing inequality that's why only a few countries have them (Norway, Netherlands), it's much easier and better to raise the capital gains tax and top marginal tax brackets

Yep, the more you earn the more tax you can afford to pay, this self made BS needs to stop, trickle down economics is a scam! Just take a little off the top Great idea but has to be global or the billionaires will simply move their wealth and businesses away Rupert & Co will also fight it to death Also kids should inherit max of about $10M but again, must be global to work

Men Well and truly On paper… Is it real wealth or virtual unrealisable wealth like stock and share value increases Yes, we need more tax money for submarines, missiles and high tech rifles so the poor can die to save the interests of the rich

Franklin Roosevelt once proposed a maximum wage, maybe it's time to revisit the idea. LoL. Openly pushing Communism now are we? YES Long need it I'm the world's 23913842th richest person, I actually tripled my wealth during the pandemic.. please don't tax me tax man Oh yes. malcolmconn Absolutely, income tax is failing to do its job, the more wealth the easier it is to avoidance tax.

malcolmconn YES!!!!! Yes redistribution of wealth they have more than they need So the government can waste it?

Why is there a photo of Elon Musk on this story? Yes. Time to make wealth creation illegal. Maybe the 10 richest people in the world knew what virus was incoming and how to best profit off such a thing.? No, it’s time to stop mandating people to change behaviours or mandating products that benefit certain people over others and certain companies over others.

maybe time to stop central banks flooding the financial system with liquidity? No. It's time we rid the world of these parasites. EVERY billionaire is cancerous parasite on society. The time for taxes has long passed. It's time for their heads. Long overdue. Surely people are not that dumb to think otherwise rather than propaganda for the rich. But then again doesn’t surprise me people are brainwashed and too far gone.

it's time to cut all overseas havens off, and close every loophole these monsters use. It's time to remind them THEY'RE LOCKED IN HERE WITH US.

DrDeeMichell Just to pay their fair share in tax would be nice without all the bloody write offs! Yep Forget tax, just shoot them I don't think we need a tax but I do think the billionaires should do more for their communities The billionaires say no, so it ain't gonna happen. Now lets see We have a goverment that believes those at the high end should receive more tax breaks. And at the same time force harder and more unfair conditions on those that actually keep the country running.

overdue The easiest and fastest way to make everyone poor is to punish the smart hardworking riches among us. Way past due. Not just time. Do it now. It used to be two things that where certain in life, death and taxes only one of those is certain now. Have guess which it is 🤣🤣🤣🤣🤣🤣

greenmitty How is this a question & not a reality? ABC playing to its socialist fan base Why? Because they saw an opportunity and exploited it? Bigger picture maybe? Covid, lockdowns, rules, etc putting small business out of business, forcing people out of homes and the big fish come swooping in. Yes It's time we ate them.

Well just paying tax would be a good start. I really don’t care how much people earn.. but do not avoid your moral obligation to society that gave you that chance to make that money in the first place. pay your share of tax on the money earned just like the rest of us! What about they pay their fair share instead?

do you think?, My tax dollars well spent. Thank you so much geniuseses Absolutely sickening.

Stocks are only wealth on paper unless sold. Perhaps better to tax the large loans that banks provide using the stock as collateral. Yes. Or just effective implementation of the intentions of the current regime (as described in Parliament on their introduction). Depends on how LNP is going to spin it. Better than “don’t pay any tax”

eating a coconut slab is feeling wealthy to me right now Just pay their share of tax would be a start. Imagine if all that money wasted on space tourism was spent on supplying vaccines to poorer countries or free RATs. But this pandemic is a right little earner so 🤷‍♀️ If the poor aren’t already depressed

We should tax wealth, not hard work. What a stupid question. Our tax system has never been fair. defundtheabc

Yes! Yes and get religious organisations to pay tax and big business to pay tax. Are we really all in this together? Wonderful Omfg why are we talking about this. Yes, fking yes how hard is it? people do not need that much money If LNP is re-elected, expect more regressive taxes for the wealthy and a higher GST. I'd prefer more progressive options myself.

Yes Ofcourse. If rich made money they must be taxed. They cannot eat money help the country's poor and needy Or a revolution The financial/tax system needs an overhaul ,this is common knowledge , labor had a couple of initiatives but Australia rejected them at the last election : the wealthy ran a campaign against them ; surprise! Surprise !

Let's tax 🚀

Yes. Tax returns should be just like the information you provide to the bank when you apply for a loan. Those worth more than $20 million should pay 5 percent of their net wealth above that threshold. They won’t miss it. pauldutton1968 Yes. Next question Is it a question? How about these people just paid tax. There are more loopholes in tax legislation than there are billionaires to take advantage of them.

Is this news story a LNP focus group waiting to happen or what? Definitely! Stop all the tax loopholes Ffs YES!! 🤦🏻‍♀️🤦🏻‍♀️🤦🏻‍♀️ TaxTheRich How’s about people being honoured for paying tax Australian Brainwashing Corporation gaslighting again. Pretending to ask for the opinion - while switching off comments on all YouTube videos. Another ABC's trick is to read 'selected' sms from viewers/listeners. Pathetic.

The question is How would our government make use of this revenue.

Not according to Albo the leader of the party of Labour. is that a trick question?😅 Let’s penalise people for being successful, that’s a great idea. not. Time to eat the rich. Has been time since Reagan took it away If you took all the world's money and split it evenly accross every person it would all flow back to the same people within 10 to 20 years. There's a reason why people get rich, it's because they provide vast value to the world and get rewarded.

None of your problems are because someone else is a billionaire. The sheeple believe this leftist tripe, but rich people actually pay allot of tax. More tax isn't the solution. We need is SMALLER government and better financial policy. They think they can print unlimited money and cause inflation then tax the people to get the money back. Duh

Absolutely No, it's time to stop putting ridiculous restrictions on businesses that affect small business far more than large corporations. Pretty fucken simple.

Long overdue for one. We have people living in state forests. People argue about whether relaxes are appropriately collected, proportionately collected, or appropriately spent. Consider it’s all 3 🤷🏼‍♀️ Hahaha then what, they are the ones who will still benefit from it 🤣🤣🤣 I just shake my head in sadness and think what use can one person do with so much money whilst so so many have virtually nothing.?

Yes why not!!! I would tell you a joke about trickle down economics, but 99% of you won't get it. YES + Tax religions no Decades past time. The system working as it was designed.

It's only wealth on paper. Try to sell it all and they wouldn't be so rich anymore. Better late than never! Wealth tax doesn’t work, it’s a retarded idea It is absolutely time for a wealth tax, it’s long overdue! yes Or just A tax?

With the world struggling with lockdowns, supply-chain problems and economic chaos, 99 per cent of humanity is worse off due to COVID-19, but "billionaires have had a terrific pandemic", according to a new report. Key points: A new Oxfam report reveals inequality has worsened during the pandemic The charity says the World Bank has projected that COVID-19 has pushed over 160m people into poverty Oxfam is calling on governments to consider a one-off, 99 per cent wealth tax on COVID-19 windfall gains Over the past two years, the wealth of Australia's 47 billionaires has doubled to $255 billion. That is more wealth in the hands of 47 people than about 7.7 million Australians. Globally, the world's 10 richest men have more than doubled their fortunes to $1.9 trillion, at a rate of $1.6 billion a day. These are some of the many eye-catching figures from Oxfam's latest report, Inequality Kills , which has been released as global business leaders meet virtually this week for the World Economic Forum (WEF) in Davos, Switzerland. "We have a situation where 10 men hold more wealth than that of two-thirds of humanity," Lyn Morgain, chief executive of Oxfam Australia, told ABC's RN program. Catch up on the main COVID-19 news from January 17 with a look back at our blog. "Not only that, but that bottom 40 per cent are hanging on by a thread." The report highlights what the charity says are "unprecedented" levels of global inequality as COVID-19 sharpens the divide between the "haves and have nots". Best year on record for super rich Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Watch Duration: 3 minutes 3 seconds 3