An Oxfam report ‘The Inequality Virus’ calls for higher taxes on the very richest, as well as a temporary tax on “excess” profits made by the 32 global corporations that have gained the most in the past year, in order to address inequality.

Quoted by the Independent, IEA Director General Mark Littlewood responded to the charity’s proposals: “Taxing the rich ever more may make for good headlines but it misleads the public into thinking that cuts at the top will automatically lead to more wealth at the bottom. In reality, interventionist policies are far more likely to destroy wealth than successfully redistribute it”.

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