Message to President Biden and Members of Congress:
We are alarmed by extreme inequality in the United States and around the world. In the past three years, we’ve seen a surge in extreme wealth while progress against global poverty has stalled. The world's five richest men have more than doubled their fortunes since 2020—at a rate of $14 million per hour—while five billion people have become poorer.
The ultra-rich have created a new era of consolidated corporate and monopoly power that gives them both immense wealth and excessive control over our lives and economies.
Seven out of ten of the world’s biggest corporations have a billionaire CEO or principal shareholder. Meanwhile, people around the world are working harder and longer hours, often for poverty wages, in precarious and unsafe jobs.
It’s time to curb the influence and power of billionaires and corporations.
We urge you to take the following actions today to create a more equal future for everyone:
- Cap CEO pay;
- Empower workers by supporting living wages, unionization, and paid sick and family leave;
- Break up monopolies;
- Implement new taxes on the super-rich and corporations, including permanent wealth and excess profit taxes; and
- Invest in public services.
Oxfam estimates that a wealth tax on the world’s multi-millionaires and billionaires could generate $1.8 trillion a year. This money could be used to invest in public services and infrastructure and to support climate action initiatives that could better everyone’s lives, not just an ultra-wealthy few.
Thank you for taking action to build a more equal future for all of us.