Meanwhile every Party of the current German government, as well as the opposition former conservatives now far-right populists and the fascist party are furiously rejecting wealth taxation.

I don’t buy it for Germany, because the government leading social democratic party has been focusing exclusively on income taxation and blocked any advances towards reimplementing wealth taxation over the past 26 years of which they only were 4 years not in the government.

2?? Dont stroke em too hard you might get a rash

Can we be specific and say “2% of their purported assets valuation must be paid in liquid cash annually” so they can stop loopholing taxes to oblivion?

Oh look, all of the sudden corporate entities are paying taxes instead of saying “oops yeah we broke even before bonuses.”

Absolutely 100% this. We need a global effort so they can’t just move to some tax shelter.
2% is also cheap IMO, nobody needs to have that much money.

I would add that if you are securing loans above a certain total amount or used for certain purchase types to make a purchase, that purchase is subject to a sales tax that must come out of the purchaser’s pocket. The trouble with wealth taxes is that most of the “wealth” isn’t liquid, but it is often used, for example, as collateral to purchase Twitter. In this instance, the wealth used should be treated as liquid taxable assets. I think those taxes should come either from the purchaser divesting from some amount of assets or a straight cash, not from another loan, payment.

This is the best summary I could come up with:

In a sign of growing international support for a levy on the super-rich, Brazil, Germany, South Africa and Spain say a 2% tax would reduce inequality and raise much-needed public funds after the economic shocks of the pandemic, the climate crisis and military conflicts in Europe and the Middle East.

They are calling for more countries to join their campaign, saying the annual sum raised would be enough to cover the estimated cost of damage caused by all of last year’s extreme weather events.

“It is time that the international community gets serious about tackling inequality and financing global public goods,” the ministers say in a Guardian comment piece.

Research from Oxfam published this year found that the boom in asset prices during and after the Covid pandemic meant billionaires were $3.3tn – or 34% – wealthier at the end of 2023 than they were in 2020.

It is crucial to ensure that our tax systems provide certainty, sufficient revenues, and treat all of our citizens fairly.”

The levy would be designed to prevent billionaires who choose to live in Monaco or Jersey, for example, but make their money in larger economies such as the UK or France, from reducing their tax bills below a global agreed minimum.

The original article contains 767 words, the summary contains 208 words. Saved 73%. I’m a bot and I’m open source!

Each respective country should just appropriate the billionaires assets as no single person should have a net value higher than any single country

Two percent? Yeah fuck that, how about they pay their fair share instead?

Why not 20%? It’s not like they need all that money.

Until we get politicians who will spend it properly and actually help the people there’s no point. We collect enough taxes now to have everything we need but they squander it on bullshit. Let’s get better representation then raise taxes. 30 trillion in debt is shameful

2% make it 80%. Eat the rich.

When you see a bunch of comments suggesting ideas that make it obvious the commenters don’t hold any grasp on economics or finance whatsoever.

Or solve it the Vietnamese way

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Billionaires should pay 100% tax over $999,999.99 of personal wealth.

Some people still get to be wealthy. Problem solved.