Expert panel says report on gap in global wealth between rich and poor highlights need for intervention by G20
More than $70tn (£53tn) of inherited wealth will pass down the generations across the world over the next decade, widening inequality and highlighting the need for intervention by the G20 group of leading nations, a group of economists and campaigners have warned.
In a report ahead of the G20 meetings in Johannesburg, hosted by the South African government later this month, the expert panel said the gap in global wealth between rich and poor will widen over the next decade without a permanent monitoring group such as the UN Intergovernmental Panel on Climate Change.
The Nobel prize-winning economist Joseph Stiglitz said the report, commissioned by the South African president, Cyril Ramaphosa, found inequality growing in more than eight in 10 of the world’s countries.
Under a threshold. We were not well off. My parents left me a meager inheritance. It kept me alive. Not fair my parents should be taxed like rich people.
It’s the same story as always- tax the rich more. They will be fine. Us struggling need help and leverage, that’s the whole issue.
Let them have their wealth. I am happy surviving. They have money, I don’t. Isn’t that the point? Capitalism is a cancer, a hydra, it will always devour its host. Where there is disproportionate wealth, there must be ineuqality. But there is more equality between a peasant and another, than between them both and an oligarch.
We need a fucking peasant revolt.
The estate tax currently only applies if your estate is over $13,990,000
I’d be fine with Bernie’s approach - let people try to survive on one dollar less than a billion as a max. Everything over that, tax at 100%.
Reevaluate that cap over time, pinned to COLA/inflation or whatever…