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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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[–] Badeendje 5 points 1 month ago (1 children)

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.

[–] samokosik -2 points 1 month ago

Make taxes too high and instead of people paying it, they will just move to another country where they don’t have to.