Governments Should Consider Wealth Tax To Reduce COVID-19 Extreme Inequalities - UN Chief

Governments Should Consider Wealth Tax to Reduce COVID-19 Extreme Inequalities - UN Chief

UN Secretary-General Antonio Guterres on Monday called on countries to consider imposing a "wealth tax" on those who have profited during the coronavirus pandemic in order to re-balance the economy

UNITED NATIONS (Pakistan Point News / Sputnik - 12th April, 2021) UN Secretary-General Antonio Guterres on Monday called on countries to consider imposing a "wealth tax" on those who have profited during the coronavirus pandemic in order to re-balance the economy.

Guterres noted there has been a $5 trillion surge in the wealth of the super-rich since the start of the pandemic, while some 120 million people have fallen back into extreme poverty.

"We must make sure funds go where they are needed most," Guterres said at the 2021 Economic and Social Council Forum on Financing for Development. "I urge governments to consider a solidarity or wealth tax on those who have profited during the pandemic, to reduce extreme inequalities."

Guterres also called on governments to reverse the fall in concessional loans to low-income and middle-income countries and urged expanding into 2022 debt suspension for nations in need.

The UN chief further appealed for a new social contract based on investments in education, green jobs, social protection and health systems, which will serve as the foundation for sustainable development.