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

submitted 1 month ago by MicroWave to c/world

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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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[–] AshMan85 134 points 1 month ago (2 children)

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.

[–] [email protected] 13 points 1 month ago (1 children)

They’re also destroying the entire biosphere

[–] [email protected] 4 points 1 month ago

Nah man it’s the bioflat, wake up sheeple!

[–] psycho_driver -5 points 1 month ago (1 children)

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.

[–] AshMan85 5 points 1 month ago* (last edited 1 month ago)

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.