8mo ago

G20 Leaders Reach 'Landmark Commitment' for Global Tax on Ultrarich

www.commondreams.org

G20 Leaders Reach 'Landmark Commitment' for Global Tax on Ultrarich | Common Dreams

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Some quotes I found interesting
Billionaires' effective tax rate is currently equivalent to 0.3% of their wealth, requiring them to pay a far lower rate than middle-class taxpayers.
Along with Milei, the Biden administration pushed back this year as the G20 weighed Zucman's tax proposal. Treasury Secretary Janet Yellen told The Wall Street Journal in May that the "notion of some common global arrangement for taxing billionaires with proceeds redistributed in some way—we're not supportive of a process to try to achieve that. That's something we can't sign on to."
As Common Dreams reported Tuesday, the U.S. is one of eight countries that are contributing to an international loss of $492 billion in taxes each year as multinational corporations and ultrawealthy individuals underpay. The eight countries—which also include Australia, Canada, Israel, Japan, New Zealand, South Korea, and the U.K.—oppose a United Nations tax convention.
- Man. It's so annoying how billionaires are seen as some sorta milestone instead of a painful reminder of weak government letting individuals rampantly accrue more wealth than anyone should have. And no one cares to address the issues at any scale because the rich literally control the world :/.
  
  Time to dust off the guillotines.
  
  If capitalism really worked and the federal government did its job, billionaires wouldn’t exist.
- Billionaires have too much power, let me just get that out the way. But it's weird to state their tax contribution in relation to their "wealth" (0.3%). No-one pays tax in relation to their wealth, at least not while they're holding it. A low income earner ($30k) living in a house they've inherited ($1M) is paying about 0.5% tax compared to their "wealth" (they pay about $5k income taxes compared to their $1M wealth ) That's why it's a weird way to put the stat that way. The ultra rich do pay tax on their income, it's just their income (dividends, stock sale) is small compared to their wealth (assets, stocks etc)

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