A proposal to tax the uber-rich is gaining traction. But there are skeptics

[sl8]

https://www.npr.org/2024/08/06/nx-s1-5064662/global-wealth-tax-g20-poverty-climate-change

A proposal to tax the uber-rich is gaining traction. But there are skeptics

AUGUST 6, 20245:00 AM ET
By Patrick Wood, Kathryn Fink, Scott Detrow

[...]

Now, the Brazilian government has a new proposal: a 2% global wealth tax on the uber-rich. It would impact the 3,000 wealthiest people in the world.

And while 2% might not sound like much, consider how little billionaires are paying in taxes right now: something like 0.3% of their wealth, according to a new report commissioned by the G20.

Economists say creating a 2% tax minimum would unlock an extra $250 billion per year, which could go toward addressing a number of issues, like climate change or global poverty.

But there’s a question of feasibility. How do you coordinate a global tax — especially when key countries like the United States are saying they’re not on board?

[...]

[EYESORE 9001]

1. I'm skeptical too

The proponent of this plan mentions coordination among all nations - and I understand many nations won’t sign on - but enforcement is another. The shitweasels among those 200 billionaires would get busy hiding assets, so an infrastructure of financial surveillance must try to keep up with their maneuvering.

[AllaN01Bear]

2. new jersey put in one and now all school lunches are free.

this is a big deal. i am testimony to that if you goto school hungry, you cant learn. i was also a grouch.
ca has one too also.

[Igel]

3. No, they don't.

They have a special tax on incomes over $1M. That's an income tax.

Brasil's proposing a wealth tax. You have $2B in real estate just sitting there because you like visiting it once a year but make $50k/year in income--you'd pay an income tax on the $50k income and a 2% tax on the $2B non-income possessions.

Did a quick calculation. I'm paying around 9% of my annual income in income tax (plus FICA, unemployment insurance, property tax, sales tax, etc.) but all told around paid 0.70% of my income for f/y 2023 + "wealth"--mostly in the form of a house and retirement accounts.

[AllaN01Bear]

4. here .

https://www.northjersey.com/story/news/education/2024/01/16/nj-school-lunches-eligibility-for-free-meals-expands/72241173007/