Global push for higher taxes on the super-rich
Rightwing government in Italy doubles flat tax on foreign income, joins G20-led push for higher taxes on the super-rich. Global momentum for wealth tax increases with calls from various countries and organizations to target billionaires and centimillionaires for more tax revenue to fund anti-poverty measures and climate-friendly initiatives.
Key Points
- Italy doubles flat tax on foreign income from €100,000 to €200,000
- G20 finance ministers agree to focus on taxing the global elite
- Proposals include a minimum tax of 2% on wealth for billionaires and centimillionaires
- Calls for revenue to be directed towards anti-poverty measures and climate initiatives
Pros
- Increased tax revenue from the super-rich
- Funding for anti-poverty measures and climate-friendly initiatives
- Global coordination on wealth taxation
Cons
- Risk of wealthy individuals relocating to low-tax jurisdictions
- Resistance from some governments to implement higher taxes
- Debate over the optimal tax rate for billionaires and centimillionaires