From CNBC:

Calls for a wealth tax on the super-rich are growing, with President Biden pushing a 25% tax on Americans with wealth over $100 million. A global minimum tax on billionaires is also being explored by finance ministers. While the idea has support, experts are divided on its effectiveness.

Wealth tax is a tax on all assets of wealthy individuals; few countries like Switzerland and Norway have it. Implementation is challenging due to enforcement difficulties and potential tax evasion by the ultra-rich. Business owners warn of mass money exodus if wealth taxes are increased, impacting economies.

Critics argue wealth taxes may lead to a flight of capital from countries and question their potential to redistribute wealth. Proponents believe the tax revenue could help combat rising global wealth inequality. Under Biden’s plan, a 25% tax on billionaires could raise significant funds for social programs, helping bridge the wealth gap.

Advocates of a wealth tax emphasize the need to address wealth inequality, with data showing the top 1% owning the majority of global wealth. Biden’s proposal and reports suggest that even a small tax on billionaires could generate substantial revenue to tackle poverty. However, skepticism remains about the practicality and long-term impact of such taxes.



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