Mohamed ElBaradei calls for imposing wealth tax to achieve social equality

Former Egyptian Vice President Mohamed ElBaradei shed light on the wealth tax imposed on the wealthy after ten people gained huge wealth amounting to US$1.5 trillion in two years after the pandemic.

“100 billionaires and millionaires are proposing to impose a progressive global ‘wealth tax’ to confront severe inequality, ranging from 2% and 5% on those with wealth of $5 million or more. 

$2.5 trillion will lift 2.3 billion people out of the cycle of poverty and provide them with a more humane life. Social justice is a necessity and a possibility,” ElBaradei said on his Twitter account.

In a separate tweet, ElBaradei said: “Millions in our Arab world suffer from hunger and misery as a result of armed conflicts. Can’t the ‘capable’ countries of ours cover their human needs?”.

“The wealth tax is already applied in a number of countries such as Switzerland, Argentina and Colombia, and it is being discussed in other countries. The current proposal is to implement it as a binding tax, not as an option. When the wealth of ten people increases in the two pandemic years by $1.5 trillion, then there is inequality. It has serious repercussions that must be addressed,” he added.

Related Articles

Back to top button