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The fairness of the U.S. tax system, especially concerning billionaires, has recently been a topic of heated debate. In his State of the Union address on March 7, President Joe Biden highlighted ...
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A majority of American millionaires are in favor of a proposal to require the world's billionaires to pay taxes worth at least 2% of their overall wealth every year.
Hence, even after paying the min-tax, the rich person would get pounded by an additional tax of 14.6% on the sale (the difference between the 25% min-tax and the 39.6% that the Green Book advocates).
Skeptics of billionaires point out that many of them pay paltry amounts of tax, and severe wealth inequality across much of the world shows that resources need to be distributed more fairly.
The global minimum tax on billionaires is a proposal by EU TAX put forward by UC Berkeley economist Gabriel Zucman to the G20. It is supported by the Brazilian and French presidents, Lula and Emmanuel Macron, and by ministers from South Africa, Spain, France and Germany. [ 1 ]
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A Democratic proposal to tax the unrealized gains of billionaires could have an unwanted side effect: the government cutting checks to the wealthiest in down times.