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Hand Over The Billions: Why It's Time For A Windfall Tax on Corporate Profits
Manage episode 355054322 series 3274113
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$200 billion dollars. This is how much profit the big 5 fossil fuel companies have made in 2022.
Shocked? Disgusted? Angry? Join the club… While major corporations are announcing record-breaking profits in 2022, more and more people are falling behind having to make difficult choices such as heating or eating.
Clearly, corporations are not reading the room and in today’s episode we discuss how creating a windfall tax on such profits would be a way of better redistributing wealth rather than condoning greed and exploitation.
Our two incredible guests: Jayati Ghosh, Chairperson of the Centre for Economic Studies and Planning at the Jawaharlal Nehru University and Chiara Putaturo, EU Inequalities and Tax Policy Advisor, Oxfam EU explain why windfall taxes are so important and can be used as a tool:
- To provide governments with revenue to reinvest fairly
- To deter corporations from manipulating prices
- To stop inflation
We take a look at what implementing windfall taxes could actually look like, while also debunking all the reasons currently put forward to fight such measures.
At the end of this episode we hope you will better understand what power windfall taxes hold!
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