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☆ A 2% global tax on all billionaires could raise $250 billion annually, a research report backed by a Nobel Prize-winning economist says
▼ + stars: | 2023-10-24 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Billionaires worldwide should have to pay a 2% wealth tax, the EU Tax Observatory says. AdvertisementAdvertisementBillionaires should have to pay a 2% global minimum tax imposed by governments, researchers at the EU Tax Observatory say. They listed the tax as a key proposal in their Global Tax Evasion Report and argued that it would raise close to $250 billion annually. Its researchers said that the tax would mimic the 15% global minimum tax introduced for multinational companies. Currently the world's billionaires collectively pay around $44 billion a year in individual income taxes and wealth taxes, the researchers wrote.

Persons: Joseph Stiglitz, —, Stiglitz Organizations: EU, Service, European Union, Paris School of Economics, London School of Economics, King's College Locations: King's College London

☆ Billionaires pay almost no tax. A global levy of just 2% could raise $250 billion
▼ + stars: | 2023-10-23 | by ( ) edition.cnn.com time to read: +3 min

Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday. Currently billionaires effectively pay far less personal tax than other taxpayers of more modest means because they can park wealth in shell companies sheltering them from income tax, the group said in its 2024 Global Tax Evasion Report. Although the end of banking secrecy and the corporate minimum tax have largely put an end to decades-long competition between countries on tax rates, numerous opportunities remain to reduce tax bills, the report said. For example, the rich increasingly park wealth in real estate instead of offshore accounts while companies can exploit loopholes in the 15% corporate tax minimum. Meanwhile, governments are increasingly competing for investment through subsidies rather than competing only on low tax rates, the Observatory said.

Persons: Gabriel Zucman, Joe Biden’s, ” Zucman, Zucman Organizations: EU Tax, Paris School of Economics, ” Locations: United States, France, Washington

☆ Global billionaire tax could yield $250 billion annually, study says
▼ + stars: | 2023-10-22 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

PARIS, Oct 23 (Reuters) - Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday. Currently billionaires' effective personal tax is often far less than what other taxpayers of more modest means pay because they can park wealth in shell companies sheltering them from income tax, the group said in its 2024 Global Tax Evasion Report. In the absence of a broad international push for a minimum tax on billionaires, Zucman said a "coalition of willing countries" could unilaterally lead the way. Although the end of banking secrecy and the corporate minimum tax have put an end to decades-long competition between countries on tax rates, numerous opportunities remain to reduce tax bills, the report said. For example the rich increasingly park wealth in real estate instead of offshore accounts while companies can exploit loopholes in the 15% corporate tax minimum.

Persons: Gabriel Zucman, Joe Biden's, Zucman, Leigh Thomas, Hugh Lawson Organizations: EU Tax, Paris School of Economics, Thomson Locations: United States, France, Washington

Instead, because the plan has been weakened, it says the minimum tax will generate only half that — less than 5% of corporate tax revenue. The watchdog group estimates that a 15% minimum tax could have raised roughly $270 billion in 2023. That carveout, the EU Tax Observatory warned, could “give firms incentives to move production to countries with tax rates below 15%." Despite its criticisms of what has happened to the minimum tax, the EU Tax Observatory praised a separate effort to stop the wealthy from dodging taxes. The EU TAX Observatory is calling for a 2% global tax on billionaires' wealth, a proposal it says would raise $250 billion annually from fewer than 3,000 people.

Persons: Janet Yellen, wouldn't, ″, Gabriel Zucman, ’ ’ Organizations: WASHINGTON, European Union, Organization for Economic Cooperation, Development, Apple, Nike, OECD, EU, Observatory, EU Tax Observatory, Companies, Treasury, Paris School of Economics, University of California Locations: Bermuda, Cayman Islands, United States, Berkeley

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