Wealth tax on super-rich could raise $2tn globally, campaigners say

Governments around the world copying Spain’s #wealth #tax on the #super-#rich could raise more than $2tn (£1.5tn), according to campaigners calling for the money to help finance the climate transition.

As a growing numbers of countries consider raising taxes on the ultra-wealthy, the Tax Justice Network campaign group said in a report that evidence from a “#featherlight” tax on the 0.5% richest households in Spain could help raise trillions of dollars globally each year.

The Spanish government, under the socialist prime minister, Pedro Sánchez, introduced a temporary “solidarity” wealth tax in late 2022, which is collected in 2023 and 2024, on the net wealth of individuals exceeding €3m (£2.6m).
It is estimated to apply to the richest 0.5% of households.

The Tax Justice Network said applying a similar tax on the top 0.5% wealthiest households worldwide,
at a rate of between 1.7% and 3.5%,
would raise about $2.1tn.

The study excluded some exemptions in the Spanish tax
– including for shares in listed companies, intellectual property and industrial property, and some high-value assets such as boats and aircraft.
It said as much as $31bn a year would be raised from the UK.

https://www.theguardian.com/news/article/2024/aug/19/wealth-tax-on-super-rich-could-raise-15tn-globally-campaigners-say?CMP=Share_iOSApp_Other