The concentration of wealth among a small fraction of the global population leads them to pay only 0.3% of their wealth in annual taxes, resulting in a $200 billion loss in tax revenue for global governments each year. This concentration of wealth has allowed it to grow at an average rate of 7.5% over the last four decades after taxes.
In today’s episode for 3rd July 2024, we talk about French Economist Gabriel Zucman’s new proposal to tax billionaires and whether the idea that he thinks feasible will work.
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