How to lift 2 Billion People out of Poverty
In this episode of The Source, we talk with Omar Ocampo of the Institute for Policy Studies about their latest report called Taxing Extreme Wealth (2022). The report finds that taxing the world’s wealthiest could raise $2.52 trillion a year and help fight the global pandemic and eradicate poverty and inequality. We examine this report and find out what structures in society lead to massive accumulation of wealth in a few hands and what can be done to change this.
An excerpt from their report: “A wealth tax of 2% on the world’s millionaires, 3% on those with wealth above $50 million and 5% on the worlds billionaires would raise $2.52 trillion dollars annually. This would be enough to lift 2.3 billion people out of poverty, make enough vaccines for the whole world, and deliver universal health care and social protection for all the citizens of low and lower middle-income countries (3.6 billion people).”
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ABOUT OMAR OCAMPO
Omar Ocampo is a researcher for the Program on Inequality and the Common Good. He graduated from the University ofMassachusetts Boston with a B.A. in Political Science and holds a Masters in International Relations from the American University in Cairo. His thesis focused on the politics of international oil and humanitarian intervention in Libya. Prior to joining IPS, Omar was an intern for Congressman Stephen F. Lynch. He later entered the nonprofit sector where he worked in direct human and social services.
He is the co-author of ‘Taxing Extreme Wealth’ and ‘Billionaire Bonanza 2020’.