As a 501(c)(3) nonprofit, we depend almost entirely on donations from people like you.
We really need your help to continue this work! Please consider making a donation.
Subscribe here and join over 13,000 subscribers to our free weekly newsletter

Blueprint Shows Why Only Real Barrier to Global Billionaire Tax Is 'Political Will'
Key Excerpts from Article on Website of Common Dreams

A demonstrator poses with a placard reading "Tax the rich!" at the annual meeting of the World Economic Forum in Davos on January 15, 2024. (Photo: Fabrice Coffrini/AFP via Getty Images)

Common Dreams, June 25, 2024
Posted: July 2nd, 2024
https://www.commondreams.org/news/billionaires-tax

Renowned economist Gabriel Zucman released a blueprint Tuesday showing the world's governments that a global minimum tax on billionaires would be both technically feasible and economically beneficial, leaving political will as the only major obstacle preventing transformative changes to an international tax structure long exploited by the ultra-rich. A 2% minimum tax on the wealth of global billionaires would raise between $200 billion and $250 billion annually in revenue from roughly 3,000 individuals globally, resources that "could be invested to support sustained economic development through investments in education, health, public infrastructure, the energy transition, and climate change mitigation." Billionaires ... pay lower effective income tax rates than those in the working class, often making use of holding companies and other complex maneuvers to dodge their obligations and stockpile massive fortunes. The world's billionaires collectively own $14.2 trillion in wealth. Structuring a new tax based on a specific percentage of billionaires' wealth would prevent ultra-rich individuals who report little to no taxable income from completely avoiding taxation. The primary barrier to establishing a global tax on billionaires is not technical, Zucman argued, but political, particularly given the sway the ultra-rich have over economic policy. A YouGov poll ... found that 59% of U.S. millionaires would support a global tax on billionaires equal to 2% of their wealth.

Note: For more along these lines, see concise summaries of deeply revealing news articles on financial inequality from reliable major media sources.


Latest News


Key News Articles from Years Past