Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday.

cross-posted from: https://lemmy.ca/post/7812592

cross-posted from: https://lemmy.ca/post/7812500

PARIS, Oct 23 (Reuters) - Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday.

If levied, the sum would be equivalent to only 2% of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally, the research group hosted at the Paris School of Economics said.

  • @[email protected]English
    40•1 year ago

    That’s pretty insane, because that’s barely 1/3 of what the USA spends on its military alone every year. I think we can do better than 2%, these people won’t even notice.

    (To be clear though, anything would be better than nothing. The chances of even a measley 2% tax getting passed is slim to none, and those chances get smaller the higher the tax is, so anything we can get is a win.)

    • @[email protected]
      4•1 year ago

      By the time you could get the Billionaires to “agree” to a 2% wealth tax, you would be in a position to demand basically 100% with progressive taxation of course.

    • @Zippy
      1•1 year ago

      This is also worldwide. While wealth inequality is an issue, it really would have little effect on the poor or middle class. You could tax them at 100 percent and it would only marginally increase tax buffers. There are simply too few of them compared to the middle class.