profits tax

Today, the European Commission unveiled a package of emergency measures to curb the surge in energy prices which are hitting European consumers hard. The package includes two measures to capture extraordinary profits from energy and fossil fuel companies.

Thirty-two of the world’s largest companies stand to see their profits jump by $109 billion more in 2020 as the Covid-19 pandemic lays bare an economic model that delivers profits for the wealthiest on the back of the poorest, according to a new Oxfam report today.

While the United States faces the deepest economic downturn since the Great Depression because of COVID-19, a subset of corporations is reaping dramatic profits that are flowing to their already wealthy, mostly white male shareholders, further exacerbating existing inequalities, according to a new analysis released by Oxfam today.