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Windfall tax on Covid profits could ease ‘catastrophic’ food crisis, says Oxfam

A levy on food and fossil fuel giants could save lives now and help create a sustainable food system, says Gabriela Bucher

Food, fossil fuel and pharmaceutical companies that have enjoyed bumper profits in the Covid-19 pandemic and its aftermath should be hit with a swingeing windfall tax on their excess income, the global head of Oxfam has said.

A windfall tax of 90% on the excess profits globally would yield about $490bn that could be used to solve the food crisis, which is heading to “catastrophic levels” for hundreds of millions of people, and set the world on the path to a sustainable food system, said Gabriela Bucher, executive director of Oxfam International.

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Read the original article at The Guardian

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