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/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.

  • @EatYouWell@lemmy.worldEnglish
    3•2 years ago

    It’s bad because the only way this could work is by taxing unrealized capital gains on all investments, which will hurt non-rich people that invest.

    I wouldn’t trust any government to not fuck with things retirement investment vehicles or property value increases if they started down this path, or to not put in a thousand loopholes that make it so the bottom 99% are the only ones paying it.

    Remember, billionaires don’t have their money sitting in a bank. The vast majority of it is in non-liquid assets.

    • @hglman@lemmy.mlEnglish
      8•2 years ago

      Yes, the system designed by billionaires makes it seem wrong to address the systemic corruption of their system.

      Liberating nonliquid assets from billionaires to workers is the whole point.