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Wealth tax on super-rich could raise £1.5tn globally, campaigners say (www.theguardian.com)

submitted 3 weeks ago by [email protected] to c/[email protected]

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The Tax Justice Network said trillions could be raised with a ‘featherlight’ tax on the 0.5% of richest households, copying a current Spanish tax

Governments around the world copying Spain’s wealth tax on the super-rich could raise more than $2tn (£1.5tn), according to campaigners calling for the money to help finance the climate transition.

As a growing numbers of countries consider raising taxes on the ultra-wealthy, the Tax Justice Network campaign group said in a report that evidence from a “featherlight” tax on the 0.5% richest households in Spain could help raise trillions of dollars globally each year.

The Spanish government, under the socialist prime minister, Pedro Sánchez, introduced a temporary “solidarity” wealth tax in late 2022, which is collected in 2023 and 2024, on the net wealth of individuals exceeding €3m (£2.6m). It is estimated to apply to the richest 0.5% of households.

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[–] [email protected] 17 points 3 weeks ago (1 children)

The rich usually ensure that there are enough gigantic exceptions. And these exceptions often aren't reported upon.

And maybe he believes the trickle down economy bs.

[–] [email protected] 4 points 3 weeks ago (1 children)

Trickle down is complete BS and the many ways to avoid wealth taxes are part of the problem with them. You need to properly tax income and capital gains and close as many of the loopholes around each as possible. Then add a proper estate tax as well to reduce inter generational wealth

[–] [email protected] 2 points 3 weeks ago

Also require greater transparency around money movement and proper auditing. Governments need to spend more on auditing.