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IMF: Taxing the rich and the high-income to help recover and pay bills – Economy


Governments should consider imposing higher taxes on the rich to pay Covid’s bills. This was stated by the IMF, under which countries should consider “a temporary contribution to recovery from Covid” to be paid as the highest income. This will help reduce inequality and “increase mobility between generations” as young people are paying the highest price for Covid.

“There is a light at the end of the tunnel. After the worst recession since World War II, recovery is underway.” But “even when there is light, the crisis continues to cast a shadow”, such as the “dangerously” multi-speed recovery, high uncertainty and economic scar risk, General Manager IMF governor Kristalina Georgieva said, inviting governments to act to give everyone a chance.

Governments should promote public investment “to ensure that all can benefit from the historic transformation of economies. To tap this potential, countries will need to spend effectively. and having enough tax revenue. In many cases, this means progressive taxation and an international agreement on matters such as minimum taxes for companies, “says Kristalina Georgieva.

Ms. Georgieva emphasized: “2021 is likely to be the year of climate action. This is a priority for the G20 and G7”.

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