Ministers of Germany, Brazil, South Africa and Spain: why we need a global tax on billionaires
GuardianDEC 2023
The Spin
Left narrative
The ultrawealthy are exceptionally adept at evading taxes. Earning from investments, and not salaries, lets them reinvest profits and borrow against their assets tax-free. The proposed global minimum tax on billionaires could both tackle growing inequality and ensure fairer tax contributions.
Right narrative
A global wealth tax on billionaires would be counterproductive. It would deplete their savings and discourage investments crucial for economic growth, hindering long-term economic stability. Managing and enforcing such a tax would also strain existing systems.
Metaculus Prediction
There is a 50% chance that the world will see its first trillionaire by 2032, according to the Metaculus prediction community.
