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

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.

  • @samokosikEnglish
    -5•24 days ago

    Unfortunately finding a realistic way on how to do it is close to impossible

    • RubberDuckEnglish
      5•23 days ago

      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.

      • @samokosikEnglish
        -2•23 days ago

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