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.
The study comes as the G20 explores plans for a global minimum tax on the world’s 3,000 billionaires under the Brazilian presidency of leftwing leader Luiz Inácio Lula da Silva. France, Germany, Spain and South Africa have also indicated support for the proposals.
The Garundian
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.
The study comes as the G20 explores plans for a global minimum tax on the world’s 3,000 billionaires under the Brazilian presidency of leftwing leader Luiz Inácio Lula da Silva. France, Germany, Spain and South Africa have also indicated support for the proposals.
The Garundian
