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The Case For A Global Excess Profits Tax: A Response To Dr. Tarcísio Diniz Magalhães & Professor Allison Christians, Paige Powers

Indiana Journal of Global Legal Studies

In striving to slow the spread of the COVID-19 pandemic, governments across the globe acted quickly to implement various "stayat- home" orders and bans on all "non-essential activities." While these actions were likely effective in slowing the spread of the virus, the economic impacts were felt almost immediately. The US deficit rose to $3.1 trillion following massive spending to aid individuals and small businesses. Internationally, governments have been increasing their debt loads to combat both the health and financial impacts of the pandemic. Indeed, by the end of 2020, the international debt load increased to a record-breaking $281 trillion. Almost …