IMF calls for wealth tax to help cover cost of Covid pandemic

IMF calls for wealth tax to help cover cost of Covid pandemic

Governments should consider levying higher taxes on the income or wealth of the rich to help pay for the enormous cost of tackling the Covid-19 pandemic, the International Monetary Fund has said.

Inequality had widened in the year since the virus first hit the global economy, the IMF said, and there was a case for the better off being asked to pay more on a temporary basis to meet crisis-related financial costs.

In its half-yearly fiscal monitor report, the IMF called for domestic and international tax changes that would boost the money available to expand public services, make welfare states more generous and meet the UN's sustainable development goals.

“To help meet pandemic-related financing needs, policymakers