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

submitted 2 months ago by MicroWave@lemmy.world to c/world@lemmy.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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[–] tburkhol@lemmy.world 13 points 2 months ago (1 children)

Tax on hoarded wealth is pressure to make that wealth do something productive. If you can't get enough return on your invested millions to pay the tax, then you will slowly lose that wealth. Property tax works similarly for farmers and landlords.

The ultra wealthy are exactly the people who should be making big, bold, high-risk bets with their money, because they'll be just fine if they lose a few million. Yet these are the same people who can live a comfortable, even lavish life off the lowest risk, lowest return investments, like government bonds. The rich say social safety nets discourage poor people from working, and I say that tax-free capital discourage it from working.

Also, very important to remember that wealth tax proposals generally target only wealth over a very high threshold. US proposals have been $10-50M, which seems pretty equivalent to the Spanish implementation.

[–] Nougat@fedia.io 1 points 2 months ago

Tax on hoarded wealth is pressure to make that wealth do something productive.

To be sure, that wealth is doing something productive. Billionaires aren't sitting on piles of gold bars or packing their mattresses full of cash. But the "something productive" that wealth is doing is being done for other wealthy people.

A wealth tax makes it so that a teeny weeny part of the "something productive" is for the public good instead of being for rich fuckers to pass around amongst themselves, empowering them to take advantage of everyone else.