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Photo: Samuel Corum/Bloomberg via Getty Images

IMF fiscal chief Vitor Gaspar in an interview with Financial Times called for an additional tax on high-earning individuals and companies that remained stable through the pandemic, saying it would show solidarity with those who struggled.

Why it matters: The temporary tax would go toward reducing social inequities that have widened under economic and health strains. Younger and poorer people have suffered the most during the pandemic, the IMF said in its April 2021 Fiscal Monitor.

What they're saying: The group called for advanced economies to raise top income tax rates for a short period, and consider implementing a special tax on excess profits for companies with unusually high 2020 returns.

  • Such a policy would also boost the perception "that everybody contributes to the effort necessary for recovery from Covid-19," Gaspar said.
  • The IMF cited Germany's post-reunification solidarity tax as one example: "The symbolic impact of this type of contribution is sometimes very important ... typically, they occur in a very exceptional circumstances where social solidarity plays a particularly strong role," Gaspar said.
  • Most countries are not in crisis, having attained better economic outcomes as a result of heavy spending, the IMF stated. But poorer countries will face difficulties financing debts.
  • "It's important to stress the multi-speed character of the recovery and for policies to be tailored to fit each country’s specific circumstances," Gaspar told FT.

The big picture: At the opening of its spring meetings on Tuesday the IMF projected that the world will see 6% GDP growth this year, the highest since the 1970s.

  • 2020 was the "first time since records began that inequality rose in virtually every country on earth at the same time," per Oxfam's inequality report.

Go deeper: Coronavirus has inflamed global inequality

Go deeper

Felix Salmon, author of Capital
Apr 6, 2021 - Economy & Business

The world's pandemic rebound

Data: IMF World Economic Outlook; Chart: Will Chase/Axios

The global economy is going to end 2021 2.5% larger than it was at the end of 2019. That's according to the latest forecast from the IMF, which has upgraded its economic projections by about half a percentage point since its last forecast in January.

Why it matters: The overall growth rate of 6% in 2021 masks a huge range between countries. India is projected to grow at a 12.5% pace this year, for instance, while Nigeria will only grow by 2.5%.

Jeff Bezos says Amazon supports raising corporate tax rate

Jeff Bezos testifies at a House Judiciary Subcommittee hearing in July 2020. Photo: Graeme Jennings/Washington Examiner/Bloomberg via Getty Images

Amazon founder Jeff Bezos on Tuesday publicly backed using long-term corporate tax hikes to support President Biden's $2 trillion infrastructure plan.

The big picture: Amazon, one of the world's most valuable companies, was singled out by Biden in a recent speech for not paying federal income tax for several years prior to 2019.

Former Sen. Bob Dole dies

Former Senator Bob Dole in 2019. Photo: Tom Brenner/Getty Images

Former Kansas Senator Leader Bob Dole passed away Sunday morning at the age of 98, the Elizabeth Dole Foundation announced in a statement.

Driving the news: Dole, a revered figure in U.S. politics and the Republican presidential nominee in 1996, served in the Senate for 27 years, including 11 years as GOP leader. Earlier this year he revealed he had been diagnosed with stage 4 lung cancer.