The concentration of wealth in the hands of a select few has become a global problem that poses a threat to the basic functioning of our societies. According to a landmark new analysis by the Institute for Policy Studies, Oxfam, the Fight Inequality Alliance, and Patriotic Millionaires, “A wealth tax of 2% on the world’s millionaires, 3% on those with wealth above $50 million and 5% on the world’s 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).”

In this segment of The Marc Steiner Show, Marc discusses the extent of global wealth concentration and the far-reaching implications of instituting a global wealth tax with Chuck Collins, one of the co-authors of the report. Chuck Collins is the director of the Program on Inequality and the Common Good at the Institute for Policy Studies, where he co-edits the IPS website Inequality.org. He is also the author of Born on Third Base: A One Percenter Makes the Case for Tackling Inequality, Bringing Wealth Home, and Committing to the Common Good.

Tune in for new episodes of The Marc Steiner Show every Monday and Thursday on TRNN.

Pre-Production/Studio: Dwayne Gladden
Post Production: Stephen Frank

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A global wealth tax is the least we can do to curb runaway wealth concentration