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Wealth tax on super-rich could raise £1.5tn globally, campaigners say (www.theguardian.com)

submitted 1 month ago by [email protected] to c/[email protected]

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The Tax Justice Network said trillions could be raised with a ‘featherlight’ tax on the 0.5% of richest households, copying a current Spanish tax

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.

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[–] [email protected] 2 points 1 month ago (5 children)

That seems painfully simple to make an exception for: assets you are not legally allowed to sell, transfer, convert, use as collateral would be excluded.

[–] [email protected] -1 points 1 month ago (4 children)

And that creates a loophole that is trivially easy to exploit, which is the problem. I simply wrap up any asset I want to hold onto into a fund or trust that stops me doing the above…

[–] [email protected] 5 points 1 month ago (3 children)

If the asset was ever legally liquid while in your possession, it qualifies for the tax.

[–] [email protected] -2 points 1 month ago (2 children)

Something can be legally liquid, but not practically liquid. Like a house. For example the Board of the company could give me permission to sell, but why would they?

[–] [email protected] 10 points 1 month ago

You know that people pay taxes on the wealth embodied in their house, every year, right? Not even their equity in the house, but the full value - both the piece they own and the piece the bank still owns. Their primary residence is most of the wealth for most of the middle class, so we already have a wealth tax for everyone but the ultra-wealthy.

[–] [email protected] 7 points 1 month ago

I'm sure you're also aware of tax brackets? The same concept can be applied to wealth tax: legally liquid assets above a certain threshold would be taxable. Owner-occupied homes would be exempt.

This is a lot easier than you think.