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US billionaires hold a collective $4.5 Trillion. A 2% wealth tax would be $90 Billion. That's simultaneously a shitload of money that could do so much good, and also a drop in the bucket for the US budget and deficit.
We need to raise taxes on the wealthy so, so much to save this country.
Outrageous /s
This is the best summary I could come up with:
In a sign of growing international support for a levy on the super-rich, Brazil, Germany, South Africa and Spain say a 2% tax would reduce inequality and raise much-needed public funds after the economic shocks of the pandemic, the climate crisis and military conflicts in Europe and the Middle East.
They are calling for more countries to join their campaign, saying the annual sum raised would be enough to cover the estimated cost of damage caused by all of last year’s extreme weather events.
“It is time that the international community gets serious about tackling inequality and financing global public goods,” the ministers say in a Guardian comment piece.
Research from Oxfam published this year found that the boom in asset prices during and after the Covid pandemic meant billionaires were $3.3tn – or 34% – wealthier at the end of 2023 than they were in 2020.
It is crucial to ensure that our tax systems provide certainty, sufficient revenues, and treat all of our citizens fairly.”
The levy would be designed to prevent billionaires who choose to live in Monaco or Jersey, for example, but make their money in larger economies such as the UK or France, from reducing their tax bills below a global agreed minimum.
The original article contains 767 words, the summary contains 208 words. Saved 73%. I'm a bot and I'm open source!