[NJFAC] Ending special tax treatment afforded to superrich can cover estimated climate finance needs

Countries can raise $2 trillion by copying Spain's wealth tax, study finds Ending special tax treatment afforded to superrich can cover estimated climate finance needs

....

The study documents that previous tax reforms targeting the superrich did not result in the superrich relocating to other countries, despite media headlines claiming the contrary. Just 0.01% of the richest households relocated after wealth tax reforms targeting the richest households were implemented in Norway, Sweden and Denmark.

Crucially, the extreme accumulation of wealth doesn't just create extreme imbalances that have harmful consequences, it renders that accumulated wealth less economically productive – for example by diverting disproportionally more wealth towards speculative derivatives instead of goods and services in the "real" economy.¹⁶ The Tax Justice Network's spokesperson attributes this to "why the world might not feel any richer today despite there being more wealth than ever before."....

"There's this idea that billionaires earn wealth like everybody else, they're just better at it. This is bogus. It's impossible to earn a billion dollars. The average US worker would have to work for a stretch of time 13 times longer than humans have existed to earn as much as wealth as the world's richest man has today. Salaries don't make billionaires, dividends and rent money do. But we tax dividends and rent money much less than we tax salaries, and this is destabilising the earner model our economies are based on....

Read the report

--

June Zaccone
National Jobs for All Network
http://www.njfac.org

--
This list is only for announcements, so you may not post. To contact the list manager, write to junez [at] njfac.org
---
You received this message because you are subscribed to the Google Groups "goodjobs" group.
To unsubscribe from this group and stop receiving emails from it, send an email to goodjobsforall+unsubscribe@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/goodjobsforall/CAPV%3DhmCbfFSdNJuFcvp8Lm4x9eiy8%2Bh5Oeqv0bJDDXiJXa1Abw%40mail.gmail.com.