Consider This from NPR A proposal to tax the rich is gaining traction. But is it feasible?
Aug 4, 2024
The idea of taxing the ultra-rich is gaining momentum globally, with Brazil proposing a 2% global wealth tax on the wealthiest 3,000 individuals. This potential tax could generate an extra $250 billion annually, aimed at tackling climate change and global poverty. However, substantial challenges remain, especially with mixed reactions from G20 nations like the U.S. and Germany. As public support for taxing the wealthy rises, the feasibility of such a tax continues to provoke intense debate among world leaders.
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Low Effective Tax Rates for the Super-Rich
- The super-rich have very low effective tax rates, much lower than the middle class.
- This is because they structure their wealth to minimize taxable income.
Problems with Low Tax Rates
- The low tax rates of the super-rich result in lost tax revenue for governments and fairness issues.
- This money could be spent on education, health, and infrastructure.
Public Opinion and International Cooperation
- Polls show that the majority of voters believe the super-rich should pay more taxes.
- Countries should agree on a common norm to implement domestically.