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. In a separate tweet, ElBaradei said: “Millions in our Arab world suffer from hunger and misery as a result of armed conflicts. “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. When the wealth of ten people increases in the two pandemic years by $1.5 trillion, then there is inequality.

Source: Egypt Independent January 21, 2022 03:29 UTC