As Davos opens, Oxfam urges windfall tax on food companies

By KELVIN CHAN
AP Business Writer

LONDON (AP) — Anti-poverty group Oxfam says companies making big profits as inflation surges should face windfall taxes to help cut global inequality. That’s one of the recommendations in a report the group released Monday as the World Economic Forum’s annual meeting of political and business elites gets underway in the Swiss ski resort of Davos. Oxfam also says that over the past two years, the world’s super-rich 1% have gained nearly twice as much wealth as the remaining 99% combined. Meanwhile, at least 1.7 billion workers live in countries where inflation is outpacing their wage growth. That’s even as billionaire fortunes are rising by $2.7 billion a day.