Home News 2% tax on millionaires could hire teachers, nurses – Report

2% tax on millionaires could hire teachers, nurses – Report

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Oxfam Kenya has theorized that a two or three per cent wealth tax on millionaires has the potential of bridging the Education and Health sector deficit.

According to the lobby group, introducing an annual wealth tax is the key solution to the wealth extreme.

“A net wealth tax at the rate of 2% on the millionaires worth above Sh 615 million and 3% on those worth over Sh6.15 billion, would generate revenue potential of over Sh89.9 billion a year,” they said.

The money generated out of this great policy choice, Oxfam said, would be enough to hire 100,000 teachers in primary and secondary schools.

Additionally, it would also hire more than 38,000 nurses.

“This could help close the deficit in the Education and Health sectors which are critically pro-poor,” they said.

Oxfam recently released a survey dubbed ‘Survival of the Richest’ that analysed the state of financial equality countrywide.

They found that the top four richest Kenyans have a combined net wealth of Sh333 billion (2.71 billion dollars).

The four combined, they said, own more wealth than 22 million Kenyans who are in the bottom 40 per cent in terms of wealth.