Skip to content
Political

Oxfam reaction to Zucman report to Brazil’s G20 Presidency on taxing the super-rich

Oxfam Australia 2 mins read

Published today, economist Gabriel Zucman’s report―due to be formally presented at the G20 Finance Ministers and Central Bank Governors’ Meeting in July―sets out a proposal for a global standard on taxing the ultra-rich. In response, Oxfam Australia Chief Executive Officer Lyn Morgain said:

“This is a sensible and serious proposal that is in every government’s strategic economic interest. All G20 countries should support Brazil’s push to secure the first-ever global deal to tax the super-rich. We welcome the Zucman report, which offers a critical contribution toward fixing a system that allows the ultra-rich to avoid taxes and not only accumulate and protect astronomical amounts of wealth and income ―but also hide it from governments.

“That governments are taking taxing the ultra-rich seriously shows national politics are finally catching up with public disgust at the super-rich having wriggled out of paying their fair share of tax for far too long. The Zucman report mirrors what so many ordinary people ―and even millionaires― are pushing for.

“Any global deal to tax the super-rich needs to be substantial and ambitious enough to bring down inequality. For example, an annual net wealth tax of more than 8 percent would be needed to reduce billionaire wealth.

“Taxing the ultra-rich properly could raise billions of dollars for governments to combat inequality and tackle the climate crisis. Every government needs to act nationally, yes —but they also need to cooperate internationally given how effectively the ultra-rich can evade across borders. Zucman’s report sends a clear memo to the ultra-rich: ‘your wealth and power can’t shield you from paying your fair share any longer.’ It could be a significant step forward in mending our broken, divided and unequal societies.” 

For interviews, contact Lucy Brown on 0478 190 099 / lucyb@oxfam.org.au

Notes to editors

Nearly three quarters of millionaires polled in G20 countries support higher taxes on wealth, and over half think extreme wealth is a “threat to democracy.”

Oxfam has calculated that to keep billionaires’ wealth constant over the last two decades, we would have needed an annual net wealth tax of more than 8 percent across all countries

Media

More from this category

  • Energy, Political
  • 19/07/2024
  • 11:11
Climate Council & Smart Energy Council

*BRIEFING INVITE* Understanding Australia’s Energy System: A guide to the National Energy Market

Energy is shaping up to be a key election issue, and Australia’s energy system is complicated and changing. The Climate Council and the Smart Energy Council are hosting a background briefing for journalists on the essentials of the Australian energy system, particularly thinking of those of you who might be new to the energy beat, need a refresher on the system or have a burning question for an expert. Our independent experts will explain what the east coast grid and National Energy Market actually look like, and what we do and don’t need to ensure a reliable supply in the…

  • Political, Science
  • 18/07/2024
  • 08:01
Parliament of Australia

Treaties Committee to examine extension of Australia-US scientific balloon agreement

TheJoint Standing Committee on Treatieswill hold a public hearing today for its inquiry into theExchange of Notes to extend the Exchange of Notes constituting an Agreement between the Government of Australia and the Government of the United States of America to Amend and Extend the Agreement concerning the Conduct of Scientific Balloon Flights for Civil Research Purposes of 16 February 2006. The treaty action concerns the extension of a 2002 agreement between the Australian and US Governments which would allow the National Aeronautics and Space Administration (NASA) to continue conducting scientific balloon experiments in Alice Springs. Committee Chair,Mr Josh Wilson…

  • Community, Political
  • 17/07/2024
  • 22:21
Community Council for Australia

Indifference – a threat to community organisations!

Media Release Embargoed until 18/07/24 Indifference - a threat to community organisations! A new report has found strong support for Australian charities and community organisations, including the need for increased funding and support, but there is an emerging minority of Australians who are less engaged and less supportive of charities and not-for-profits. The Community Compass report ­– released today – is based on research from 89 Degrees East for Our Community and CCA. It involved over 3000 participants and segmented the Australian community into six categories based on attitudes to community organisations and the level of engagement in volunteering, giving…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.