"Now is the time to turn words into action and launch an inclusive international negotiation, extending beyond G20 countries, on the reform of the taxation of the superrich," said economist Gabriel Zucman.
Billionaires have too much power, let me just get that out the way. But it’s weird to state their tax contribution in relation to their “wealth” (0.3%). No-one pays tax in relation to their wealth, at least not while they’re holding it. A low income earner ($30k) living in a house they’ve inherited ($1M) is paying about 0.5% tax compared to their “wealth” (they pay about $5k income taxes compared to their $1M wealth ) That’s why it’s a weird way to put the stat that way. The ultra rich do pay tax on their income, it’s just their income (dividends, stock sale) is small compared to their wealth (assets, stocks etc)
Billionaires have too much power, let me just get that out the way. But it’s weird to state their tax contribution in relation to their “wealth” (0.3%). No-one pays tax in relation to their wealth, at least not while they’re holding it. A low income earner ($30k) living in a house they’ve inherited ($1M) is paying about 0.5% tax compared to their “wealth” (they pay about $5k income taxes compared to their $1M wealth ) That’s why it’s a weird way to put the stat that way. The ultra rich do pay tax on their income, it’s just their income (dividends, stock sale) is small compared to their wealth (assets, stocks etc)