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Between 1987 and 2024, the average wealth of the top 0.0001% has growh by 7.1% annually. Today, the share of global wealth owned by billionaires has increased during that time period from 3% to 14%.
A minimum 2% annual tax has been proposed on the wealth of global billionaires, which would raise $200 bils. to $250 bils.
G20 countries Italy, UK, France, Australia, Brazil and others are calling for a tax on the super wealthy.
Norway upped their wealth tax from 0.85% to 1.1%. Spain has introduced a wealth tax that sounds a bit like GR’s, applying to fortunes greater than 3 million euros and can reach 3.5%.
Switzerland is proposing an inheritance tax of 50% on estates worth more than 45 million euros.
The concern is that rich people will relocate to places like the UAE.
Audaces fortuna iuvat
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Jamie Dimon of JP Morgan wants to invoke the Warren Buffett rule, that the rich and super rich should pay at least as high a percentage of their income in taxes as does the middle class.
Audaces fortuna iuvat
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Conflating wealth tax and income tax doesn’t help.
Piketty wrote that the fundamental problem of capitalist wealth is that k, the rate of return on capital, is almost always greater than g, the growth rate of the economy. It only reverses during major dislocations like wars. Thus he became a poster child for anti socialists everywhere by proposing that a wealth tax level the playing field.
The older I get, the more I believe that there has to be a peaceful way of putting the brakes on massive capital accumulation without disincentivizing entrepreneurship. I like a tax on generational wealth, so that it becomes expensive to hold shares your father held. If anything I would argue that first generation entrepreneurs should be tax exempt, and their heirs should get double taxed. We want more entrepreneurs and fewer socialites and “philanthropists.”
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Sic transit gloria mundi (so shut up and get back to work) -
Conflating wealth tax and income tax doesn’t help.
Piketty wrote that the fundamental problem of capitalist wealth is that k, the rate of return on capital, is almost always greater than g, the growth rate of the economy. It only reverses during major dislocations like wars. Thus he became a poster child for anti socialists everywhere by proposing that a wealth tax level the playing field.
The older I get, the more I believe that there has to be a peaceful way of putting the brakes on massive capital accumulation without disincentivizing entrepreneurship. I like a tax on generational wealth, so that it becomes expensive to hold shares your father held. If anything I would argue that first generation entrepreneurs should be tax exempt, and their heirs should get double taxed. We want more entrepreneurs and fewer socialites and “philanthropists.”
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Sic transit gloria mundi (so shut up and get back to work)
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