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Wealth tax for billionaires: Researchers estimate revenue of $250 billion
According to a report by Basic Thinking, the EU Tax Observatory suggests that all billionaires worldwide should pay a wealth tax of 2 percent. This move would, in theory, end world hunger forever and combat fiscal inequality. Researchers at the EU Tax Observatory estimate this could raise around $250 billion annually. According to the EU Tax Observatory's Global Tax Evasion Report, there are currently around 2,750 billionaires worldwide. Although the number of taxpayers affected is relatively small, the unequal distribution of wealth would still allow for high revenues. Currently, all billionaires together pay around $44 billion to...
Wealth tax for billionaires: Researchers estimate revenue of $250 billion
According to a report by Basic Thinking, the EU Tax Observatory suggests that all billionaires worldwide should pay a wealth tax of 2 percent. This move would, in theory, end world hunger forever and combat fiscal inequality. Researchers at the EU Tax Observatory estimate this could raise around $250 billion annually.
According to the EU Tax Observatory's Global Tax Evasion Report, there are currently around 2,750 billionaires worldwide. Although the number of taxpayers affected is relatively small, the unequal distribution of wealth would still allow for high revenues. Currently, all billionaires collectively pay about $44 billion in income and wealth taxes per year. The introduction of the wealth tax could increase this amount by around $214 billion.
The researchers suggest that the wealth tax should go to the country where the billionaires have their primary residence, similar to the global tax on multinational corporations. According to a study by the International Institute for Sustainable Development, the additional income could raise an additional 14 billion euros per year to combat world hunger.
The debate about a wealth tax on the rich is becoming increasingly important due to increasing inequality. The COVID-19 pandemic has widened the gap between rich and poor. The researchers are therefore calling for a wealth tax to give countries the opportunity to use the income to invest in, among other things, childcare, education and affordable housing.
According to Nobel Prize winner Joseph Stiglitz, who wrote the report's foreword, blatant fiscal inequality undermines the proper functioning of democracy. It increases inequality, weakens trust in institutions and undermines the social contract.
It remains to be seen whether the wealth tax on billionaires will actually be implemented and how this will affect the market and the financial industry.
Source: According to a report by Basic Thinking, October 27, 2023 (Link: www.basicthinking.de )
Read the source article at www.basicthinking.de