Time to end extreme poverty
Currently our economic model is broken. We try to fix the issues related to our global economy by donating to charity, but the traditional ‘donation based model’ is not facilitating a united effort in international development. Also, it is not raising the resources needed to end extreme poverty.
Extreme poverty is not just morally wrong. It slows down economic growth. Low purchasing power of poor individuals, restricts the consumer to buy only basic necessities such as food and shelter.
At the same time, poor people migrate to wealthier countries in the search of a better life, affecting the worldwide migration crisis.
We need a sustainable solution based on welfare capitalistic values if we want to bring social and economic change to our global society. We are heading towards an unstable world, with walls and boarder control, if we fail to fight the root cause, maintaining people in extreme poverty.
A billionaire tax is ethical
Move Humanity advocate for a dollar billionaire tax at 1% on wealth in excess of $1 billion. This would raise $77 billion a year if all billionaires contribute.
The tax would be sufficient to secure education for all the 124 million children currently not enrolled in school in low- and lower-middle-income countries (UNESCO), and strengthen the health systems of 74 developing countries – saving 6 million lives a year (WHO).
The taxation would only affect around 2043 individuals in the world. Still, the dollar billionaire tax would have a massive redistributive impact, transferring $77 billion from the richest people to millions of the world’s poorest individuals.
While the tax will be a drop in the ocean for the billionaires, it will be enough to secure that all human beings have enough for a dignified life. Eradicating extreme poverty is the greatest global challenge and an indispensable requirement for sustainable development.
The multiple reasons for a billionaire tax
A small wealth tax will make a difference for millions of people
Ending extreme poverty will eventually lower migration levels and improve bottom lines in the private sector - facilitating a more balanced and safer world for all of us.
Small $ %
The tax represents a drop in the ocean for the billionaires. If individuals’ net wealth is $1001 million, they will only be asked to donate an annual amount of $10,000.
It will strengthen the health systems of 74 developing countries – saving 6 million lives a year. Source: WHO.
It will be enough to secure education for all the 124 million children currently not going to school. Source: UNESCO.
We have to keep reminding ourselves of two things: it is unacceptable that in a world with the kind of wealth that we have, almost a billion people live on less than $1.90 a day. And while this is a daunting reality, it is not irreversible .
We need your support to end extreme poverty
1. Establish mandate
To ensure successful implementation of a global $billionaire tax, we need to establish a mandate by initiating a number of activities. We have to Identify scientific evidence and arguments by internationally acknowledged professors on the global effects of a $billionaire tax. To Raise global public awareness on the issues of extreme poverty and the need for a $billionaire tax. And engage selected $billionaires.
2. UN resolution
With popular support and the scientific arguments in place, we will urge our politicians to endorse a UN resolution, creating the norm for all countries to introduce a $billionaire tax. The UN General Assembly will call on individuals to contribute a certain percentage of their net wealth above $1 billion each year, and call on member states to enforce such contributions.
3. National legislation
Subsequently, each country will be urged to ratify the resolution and implement a national $billionaire tax into national law. The tax will be mandatory for all billionaires owning assets in a national territory, regardless of their residence or citizenship.
4. End of poverty
The tax collected will be transferred to global funds monitored and managed by the United Nations. The tax will be invested in the United Nations’ priority actions on poverty eradication. For more information about specific initiatives see United Nations.