"Shareholders and CEO pay have risen to record levels in the aftermath of the COVID-19 crisis," states the Oxfam report, highlighting the alarming trend of profit concentration.
Irit Tamir from Oxfam states, 'The rules are being rigged and the companies are helping to rig them,' emphasizing the impact of corporate lobbying on taxation.
Despite significant layoffs in major sectors, corporate revenues have soared, as seen with Meta's simultaneous layoffs and substantial stock buybacks.
Oxfam's report reveals that 90% of the combined $1.25 trillion of net profits in analyzed corporations went to wealthy shareholders, illustrating stark income inequality.
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