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.
the rich are ruining every country, every economy except for their own, and the environment. let’s make the rich extinct before they make all of us extinct.
They’re also destroying the entire biosphere
Nah man it’s the bioflat, wake up sheeple!
It would be a good start but then new rich would emerge to take their place. Maybe we should just put “re-enact French revolution” on a 100 year calendar reminder.
No, that is what regulations are for. Monopolies used to be regulated more after they caused the great depression. Been done before can be done again.
I also read they started doing this in some American state and it raised 1.8 billion dollars. If this idea appeals to you, try to find out if there are any petitions in your country that suggest something like this. If you’re from the Netherlands, the SP has a petition like this.
That’s HORRIBLE! We should INSTEAD be Taxing Homeless Mothers to raise that Money INSTEAD!
Unfortunately finding a realistic way on how to do it is close to impossible
Why, just tax based on value at a given date. In the Netherlands they tax bank value based on december 31st amounts over a specific value. And your house. They can also do that with portfolios of shares, bonds and other things people can use as collateral.
If you can borrow against a portfolio of shares, we can tax it too.
Make taxes too high and instead of people paying it, they will just move to another country where they don’t have to.
The Guardian - News Source Context (Click to view Full Report)
Information for The Guardian:
MBFC: Left-Center - Credibility: Medium - Factual Reporting: Mixed - United Kingdom
Wikipedia about this sourceWealth taxes are rarely efficient and create all sorts of weird and counter productive effects. Better to properly tax income and capital gains.
