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Global billionaire tax could yield $250 billion annually, study says (www.reuters.com)

submitted 1 year ago by [email protected] to c/[email protected]

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cross-posted from: https://lemmy.ca/post/7812592

cross-posted from: https://lemmy.ca/post/7812500

PARIS, Oct 23 (Reuters) - Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday.

If levied, the sum would be equivalent to only 2% of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally, the research group hosted at the Paris School of Economics said.

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[–] [email protected] 42 points 1 year ago (1 children)

That's pretty insane, because that's barely 1/3 of what the USA spends on its military alone every year. I think we can do better than 2%, these people won't even notice.

(To be clear though, anything would be better than nothing. The chances of even a measley 2% tax getting passed is slim to none, and those chances get smaller the higher the tax is, so anything we can get is a win.)

[–] [email protected] 6 points 1 year ago

By the time you could get the Billionaires to "agree" to a 2% wealth tax, you would be in a position to demand basically 100% with progressive taxation of course.