BIS experts propose to fight pandemics with wealth taxes
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The risks of new pandemics, even more devastating than COVID-19, remain extremely high, and the international health system may be unable to cope with the spread of new viral diseases. Experts from the Bank for International Settlements (BIS) warned about such a threat in the report “Global Public Goods, Tax Policy Coordination and the Welfare of the World Economy”.
In order to avoid a possible collapse, it is necessary to urgently modernize the medical infrastructure, in particular, to organize the global production and distribution of vaccines available to citizens of the countries participating in the program. The project can be financed from a special fund, which will be replenished by “wealth taxes”. In most of the states that are potential project members, such fees have already been introduced, but in order for the fund to work effectively, it is required on average to raise rates by at least 2–3 percentage points (pp). BIS experts do not give an estimate of the fund’s possible budget. For comparison: WHO expenditures for 2022–2023 approved in the amount of $6.72 billion.
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