Global wealth tax on ultra-rich ‘would raise up to $250bn a year’
5 months, 4 weeks ago

Global wealth tax on ultra-rich ‘would raise up to $250bn a year’

The Telegraph  

Mr Zucman, whose PhD supervisor was Thomas Piketty, the Left-wing “rock star” economist, said: “There is now clear evidence that contemporary tax systems, instead of being progressive, do not effectively tax the wealthiest individuals. “Ultra-high-net-worth individuals tend to pay less in tax relative to their income than other social groups, regardless of the specific tax design choices and enforcement practices of countries.” The Labour Party has ruled out a tax on wealth, but is reported to be drawing up ways to raise more from assets, potentially through capital gains taxes or inheritance tax, which could be implemented after the election. Most countries tend to charge higher rates of tax for higher earners, but Mr Zucman’s studies of France and the Netherlands indicate that for the extremely rich, effective tax rates drop close to zero. However, Mr Zucman said that the global minimum corporation tax, which comes into force this year, shows countries can cooperate to make the policy work, preventing the rich from fleeing the levy.

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History of this topic

THIS billionaire is saving $8 billion in taxes. It’s not Mark Zuckerberg or Elon Musk
2 weeks, 3 days ago

THIS billionaire is saving $8 billion in taxes. It’s not Mark Zuckerberg or Elon Musk

Live Mint  

The world's ultra-rich often come up with unique financial strategies to avoid taxes. And in adopting strategies to reduce tax burden, the world's richest men like Elon Musk and Mark Zuckerberg are not alone, reports show. However, the ‘ideal’ scenario may not transform into reality as the 61-year-old founder would pass on most of his savings to his family, essentially …

G20 finance ministers agree to work toward effectively taxing the super-rich
4 months, 3 weeks ago

G20 finance ministers agree to work toward effectively taxing the super-rich

Associated Press  

RIO DE JANEIRO — Finance ministers from leading rich and developing nations agreed Friday to strive toward effectively taxing the super-rich, a joint ministerial declaration said. “With full respect to tax sovereignty, we will seek to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed,” the declaration said after the two-day meeting in Rio de Janeiro. While the final …

Can the uber-rich worldwide be taxed better? | Explained
5 months, 2 weeks ago

Can the uber-rich worldwide be taxed better? | Explained

The Hindu  

The story so far: French economist Gabriel Zucman has in a recent report commissioned by Brazil’s G-20 presidency recommended an annual 2% tax on individuals holding wealth exceeding $1 billion a suggestion intended to serve as the starting point for a global discussion on ensuring under-taxed billionaires are made to contribute more to reduce inequality worldwide. Mr. Zucman, an economist …

Tax the super-rich, says a new report commissioned by Brazil for its G20 presidency
5 months, 4 weeks ago

Tax the super-rich, says a new report commissioned by Brazil for its G20 presidency

Associated Press  

RIO DE JANEIRO — A global tax on the super-rich is proposed in a new report that Brazil commissioned for its current presidency of the leading 20 rich and developing nations. Individuals with more than $1 billion in total assets would be required to pay the equivalent of 2% of their wealth in income tax, according to the proposal in …

Biden urged to raise income tax to tackle dangerous US debt
5 months, 4 weeks ago

Biden urged to raise income tax to tackle dangerous US debt

The Telegraph  

Joe Biden must raise income tax and cut pensions spending to slow the dangerous rise in the US national debt, the Organisation for Economic Cooperation and Development has said. Corporate taxes also need to go up, economists suggest, while the US president needs to find a way to control spending on healthcare. The group urged Mr Biden – or Donald …

America’s rich never sell their assets. How should they be taxed?
6 months ago

America’s rich never sell their assets. How should they be taxed?

The Economist  

Listen to this story. A lawyer might refer to Section 61 of the IRS Code 26, which defines “gross” income as “all income from whatever source derived”, including but not limited to commission, interest, property deals and wages. This would include a 25% tax on unrealised capital gains for Americans with more than $100m in assets, which he expects would …

World's richest have never been so wealthy: Study
6 months, 2 weeks ago

World's richest have never been so wealthy: Study

Deccan Chronicle  

Paris: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday. The number of "high net worth individuals" -- defined as people with liquid assets of at least $1 million -- rose by 5.1 percent last year to 22.8 million, …

Brazil’s finance minister proposes global tax on the super-rich at G20 meeting in Sao Paulo
9 months, 3 weeks ago

Brazil’s finance minister proposes global tax on the super-rich at G20 meeting in Sao Paulo

New Indian Express  

RIO DE JANEIRO: Brazil’s finance minister told his peers Thursday at a G20 meeting in Sao Paulo that countries should implement a global tax on the super-rich in an effort to tackle rampant tax evasion. Fernando Haddad said tax evasion can be resolved through international cooperation so that “these few individuals make their contribution to our societies and to the …

Biden to propose 25 percent minimum tax on US billionaires
1 year, 9 months ago

Biden to propose 25 percent minimum tax on US billionaires

Al Jazeera  

US president’s reported budget plan would also nearly double capital gains tax on investments. United States President Joe Biden will call on Congress to impose a 25 percent minimum tax on billionaires as part of a series of proposed tax hikes on wealthy individuals and corporations, according to a US media report. Biden’s proposed spending plan would also nearly double …

EXPLAINER: How would billionaire income tax work?
2 years, 8 months ago

EXPLAINER: How would billionaire income tax work?

Associated Press  

WASHINGTON — A “Billionaire Minimum Income Tax” is included in President Joe Biden’s fiscal year 2023 budget proposal — part of the administration’s effort to reduce the federal deficit over the next decade and fund new spending. The budget proposes that households worth more than $100 million pay at least 20% in taxes on both income and “unrealized gains”— the …

Column: A billionaires tax is a necessity. Even the White House knows it
2 years, 8 months ago

Column: A billionaires tax is a necessity. Even the White House knows it

LA Times  

After years of largely theoretical discussion among Democrats, the idea of a billionaires tax has now become official policy. — President Biden, introducing his billionaires tax Biden has now made it mainstream, though his plan is somewhat more modest than the others — his proposal for a wealth tax would raise about $360 billion over 10 years, according to the …

Here’s how Biden’s billionaire income tax would work
2 years, 8 months ago

Here’s how Biden’s billionaire income tax would work

Al Jazeera  

The United States Congress still has to approve the measure for it to go into effect. A “Billionaire Minimum Income Tax” is included in US President Joe Biden’s fiscal year 2023 budget proposal — part of the administration’s effort to reduce the United States federal deficit over the next decade and fund new spending. The budget proposes that households worth …

Richest Dutch don't pay the most tax: Planning Office
2 years, 8 months ago

Richest Dutch don't pay the most tax: Planning Office

NL Times  

The wealthiest Netherlands residents don't pay the most taxes. But the 1 percent highest earners only spend 21 percent of their income on taxes - less than the lowest earners, NRC reports based on a new study by central planning office CPB. "The fact that top incomes pay a lot less tax is a new outcome," CPB tax economist Arjan …

Tax on America’s wealthiest households could erase half of country’s out-of-pocket health costs, report finds
2 years, 11 months ago

Tax on America’s wealthiest households could erase half of country’s out-of-pocket health costs, report finds

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. An annual wealth tax applied to the world’s …

Taxing extreme wealth could lift 2.3 billion people out of poverty
2 years, 11 months ago

Taxing extreme wealth could lift 2.3 billion people out of poverty

CNN  

Editor’s Note: Chuck Collins directs the Program on Inequality and co-edits Inequality.org at the Institute for Policy Studies. As inequalities in income, wealth and access to health care have accelerated, the world’s most economically precarious people have suffered far more than their fair share of death and economic loss. According to a new report published by Fight Inequality Alliance, the …

Column: Another day, another billionaire whining about a wealth tax
3 years, 1 month ago

Column: Another day, another billionaire whining about a wealth tax

LA Times  

Whatever you may think of U.S. economic performance, there can be no doubt that America leads the world in its production of whining billionaires. — Billionaire Leon Cooperman He was also solicited to give his view of how to define “wealth.” Bloomberg anchor Tom Keene opened the conversation by disdaining the notion that $400,000 in annual income is “filthy rich.” …

Billionaire claims ultra wealthy are being attacked for no reason
3 years, 1 month ago

Billionaire claims ultra wealthy are being attacked for no reason

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Leon Cooperman, who is worth an estimated $2.5bn, says that original proposals by lawmakers …

Biden’s billionaire levies must not cue bad ideas
3 years, 1 month ago

Biden’s billionaire levies must not cue bad ideas

Live Mint  

How the wealthy are taxed in America, where being rich was glorious long before China caught on, is of concern to capitalists everywhere for the cues that other regimes might take. Tax-and-spend has made a big comeback in the US under President Joe Biden, whose huge social-spending plan he had promised to finance by taxing only the super-rich. Moreover, as …

EXPLAINER: What’s a ‘wealth tax’ and how would it work?
3 years, 1 month ago

EXPLAINER: What’s a ‘wealth tax’ and how would it work?

Associated Press  

To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is: billionaires. The idea gained steam after the publication of French economist Thomas Piketty’s book “Capital in the Twenty-First Century.” Sen. Elizabeth Warren, D-Mass., made a 2% wealth tax a trademark policy in the 2020 presidential primaries, and fellow …

What is a wealth tax, and how would it work?
3 years, 1 month ago

What is a wealth tax, and how would it work?

LA Times  

To help pay for his big economic and social agenda, President Biden is looking to go where the big money is: billionaires. The idea gained steam after the publication of French economist Thomas Piketty’s book “Capital in the Twenty-First Century.” Sen. Elizabeth Warren made a 2% wealth tax a trademark policy of her 2020 presidential campaign, and fellow candidate Bernie …

How some European states distribute wealth
3 years, 3 months ago

How some European states distribute wealth

China Daily  

Photo taken on Feb 23, 2018 shows a view of the port area of Hamburg, Germany. One reason for China's success is the opening up of the private sector, but the structure of Chinese society and socialism with Chinese characteristics have played an equally important role in that success. Yet the Western media, while attributing China's economic success to the …

How some European states distribute wealth
3 years, 3 months ago

How some European states distribute wealth

China Daily  

Photo taken on Feb 23, 2018 shows a view of the port area of Hamburg, Germany. One reason for China's success is the opening up of the private sector, but the structure of Chinese society and socialism with Chinese characteristics have played an equally important role in that success. Yet the Western media, while attributing China's economic success to the …

Wealth tax: Elizabeth Warren proposes hike on ‘ultra-millionaires’
3 years, 9 months ago

Wealth tax: Elizabeth Warren proposes hike on ‘ultra-millionaires’

CNN  

CNN — Now that Democrats control the White House and Congress, President Joe Biden and other party leaders are pushing to spend big to revive the economy and address income inequality. Massachusetts Sen. Elizabeth Warren, Washington Rep. Pramila Jayapal and Pennsylvania Rep. Brendan Boyle want the ultra-wealthy to pay for it. The controversial proposal, which is co- “As Congress develops …

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