21/06/21

INTERNATIONAL TAX: UN secretary general eyes 'solidarity or wealth tax' on those who have profited during pandemic.

As published on thehill.com, Monday 21 June, 2021.

United Nations secretary-general Antonio Guterres is urging governments to use a “solidarity or wealth tax” on those who have profited during the COVID-19 pandemic.

Guterres shared a tweet on Monday about a report on the wealthy earning $5 trillion in 2020 while 120 million people were pushed to extreme poverty, adding that those who earned should pay taxes to reduce "extreme inequalities."

“I urge governments to consider a solidarity or wealth tax on those who have profited during #COVID19, to reduce extreme inequalities,” Guterres said.

Guterres has been pushing for governments to tax the wealthy since April to help with extreme inequality, Reuters reported.

He added that a group of 20 rich nations should extend their debt service suspension until 2022, expanding it to help middle-income economies in pandemic relief.

“But we need to go beyond debt relief,” Guterres said in the Reuters report. “We urgently need to strengthen the international debt architecture to end the deadly cycles of debt waves, global debt crises and lost decades.”