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Taxation of the super rich, economists suggest the level of 2 percent

2024-06-26 13:57:28Biznes SHKRUAR NGA REDAKSIA VOX

Taxation of the super rich, economists suggest the level of 2 percent

An annual tax of 2% on fortunes exceeding $1 billion is the starting point for a global discussion on increasing the burden on under-taxed billionaires. The statement was made by French economist Gabriel Zucman.

Zucman, who founded the independent EU Tax Observatory, was tasked by the Brazilian G20 presidency to present a report on the issue for discussion by finance ministers of the world's 20 largest economies at a meeting in July. The French economist said that the purpose of this plan is to provide a basis for political discussions.

Zucman said he hoped such a tax could materialize in less than nine years, which is the time it took to agree on a global minimum tax on multinational corporate profits already implemented by some countries.

Apart from Brazil - which is Latin America's largest economy - France, Spain, Colombia, Belgium and the African Union have backed the idea, along with South Africa, which will take over the G20 presidency next year.

Zucman, a professor at the Paris School of Economics and the University of California, Berkeley, said there are various ways to implement the idea, including President Joe Biden's proposed minimum income tax on billionaires in the US, which targets individuals with more than 100 million dollars of wealth.

This tax will force all Americans who have extremely high net worth to be subject to a minimum individual tax rate of 25%, regardless of whether the return comes from dividends, realized capital gains, or unrealized gains.

According to Zucman, given the observed rates of return, Biden's proposal is more ambitious than the international standard of 2%, since a minimum tax of 25% applied to a gross return of 11.3% is equivalent to a minimum tax of 2.8 % on the property.

Applying the global rule would raise $200 billion to $250 billion a year in tax revenue from about 3,000 individuals, the economist said, adding that extending the tax to those with more than $100 million would generate an additional 100 to 140 billion dollars. The report shows that from 1987 to 2024, the average wealth of the world's richest 0.0001% households grew by about 7% per year, adjusted for inflation, significantly outstripping the average annual global wealth growth rate of 3 %.


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