Academics Gabriel Zucman and Ben Tippet propose a 2% minimum wealth tax on UK households with over £100m, potentially raising £10bn annually from fewer than 1,000 super-rich families. The proposal aims to fund public services and reduce inequality, aligning with Andy Burnham's calls for fairer taxation, though the new prime minister's specific plans are awaited.
California voters will decide on a one-time 5% tax on fortunes over $1bn, sparking debate on wealth taxation. The article argues against new wealth taxes, citing global abandonment, instead advocating for closing loopholes, restoring estate taxes, and raising capital gains and corporate rates to boost US revenue and address inequality.
California voters will decide on a one-time 5% tax on residents/trusts with a net worth over $1 billion, aimed at offsetting healthcare cuts, amidst concerns it may drive away billionaires and harm competitiveness.
California's proposed 5% wealth tax on assets over $1 billion faces fierce opposition from tech billionaires. Over $120 million has been raised against the measure, with Google co-founder Sergey Brin donating $82 million. Supporters argue it will fund public services and reduce inequality.
A new poll suggests Andy Burnham could secure Labour a significant majority by adopting 'economic populist' policies like rent controls and higher wealth taxes, contrasting with a potential loss of seats if the party maintains its current trajectory.
UK households saw a 0.8% drop in real disposable income in Q1 due to rising inflation and capital gains tax, marking the fourth decline in five quarters. The ONS reported 0.6% GDP growth, while political figures like Andy Burnham pledge to tackle living costs, and economists forecast a cautious economic outlook.
Rep. Ro Khanna criticized the growing influence of tech billionaires and AI executives in global policymaking after their participation in G7 discussions. He warned of concentrated private power and reiterated his support for higher taxes on the ultra-wealthy.
A proposed 5% wealth tax on billionaires in California has qualified for the November ballot after gaining enough signatures. The measure, backed by SEIU-UHW, aims to fund strained public services and has sparked debate and opposition from tech moguls.
Senator Elizabeth Warren proposed taxing billionaires like Elon Musk to fund childcare. Musk responded sarcastically on X, "I will survive somehow," after a user highlighted a reported $250 billion net worth drop linked to SpaceX shares.
A private Signal chat involving billionaires like Sergey Brin and Marc Andreessen, who discussed strategies to combat California's proposed 5% wealth tax, has been revealed. Their efforts, including backing candidates and attempting to buy signature-gathering companies, have largely failed, with the tax measure polling strongly and legislative action pending.
Senator Elizabeth Warren faced backlash on X after calling for a wealth tax on Elon Musk, who reportedly became the world's first trillionaire following SpaceX's IPO. Critics argued Musk creates wealth and jobs, while others debated the potential use of such taxes for public services.
UK Labour figures Andy Burnham and Wes Streeting are considering a wealth tax on the super-rich, inspired by economist Gabriel Zucman's proposals. The tax aims to address growing inequality, with Zucman advocating a 2% levy on assets over $100 million, even for those who leave the country.
Polling in Makerfield shows 55% of voters would be less likely to support a candidate with offensive social media posts. Other key findings include strong support for water renationalisation, a wealth tax, and paid bereavement leave.
A World Inequality Lab report proposes a "plan for equality and prosperity within planetary boundaries," including wealth taxes, reduced working hours, and diet changes to double incomes for 89% of the world population by 2100 and limit global heating to 2C.
DIW President Marcel Fratzscher urges Germany to introduce a wealth tax to finance planned income tax reforms. He estimates a 2% wealth tax on large fortunes could generate €42 billion, allowing for tax cuts on labor and corporate income, boosting the economy.
Hungary's new government, led by Péter Magyar, plans to introduce a wealth tax on the country's richest individuals. This move aims to address wealth inequality and fund public services, targeting oligarchs who benefited from the previous Orbán era.
Andy Burnham's potential victory in the Makerfield byelection could usher in significant political reform, including proportional representation and stricter campaign finance laws. The article argues this is crucial to counter the influence of figures like Nigel Farage and restore trust in British politics.
Wes Streeting, a former Health Secretary, has proposed a "wealth tax that works" by equalising Capital Gains Tax (CGT) with income tax rates (20%, 40%, 45%). He estimates this could raise £12bn annually and aims to encourage investment while closing loopholes. Tax experts have offered mixed reactions, with some calling it a necessary reform and others noting it's not a new idea and the "devil is in the detail."
Wes Streeting, a Labour MP, has proposed equalizing tax on assets and income, arguing the current system unfairly penalizes work and widens the wealth gap. His plan could raise up to £12bn annually by mirroring income tax rates for capital gains, with allowances for entrepreneurs.
A Centre for London report proposes replacing stamp duty and council tax with an annual property wealth tax to address London's housing crisis. The tax would encourage downsizing, fund social housing, and help renters save for deposits.
Stripe co-founder Saikat Chakrabarti is running for Nancy Pelosi's San Francisco congressional seat, aiming for a "full-scale revolution" within the Democratic party. He advocates for ending US military aid to Israel, a wealth tax, and free healthcare, challenging establishment figures.
Kevin O'Leary has strongly criticized California's proposed wealth tax, deeming it 'un-American' and 'unconstitutional.' He predicts years of litigation due to the difficulty of valuing illiquid assets and argues the tax will accelerate the exodus of businesses and billionaires from the state.
Green party leader also accuses rightwing media of politically motivated attacks as popularity growsZack Polanski has said he was wrong to describe himself as a British Red Cross spokesperson, and that intensified media scrutiny of the Green party reflected fears of its rising popularity and support for wealth taxes.Polanski described himself as a British Red Cross spokesperson while campaigning for the party leadership, the Times revealed. The claim was also mentioned on his personal website in 2020 when he said he was “really proud of the work we do”. Continue reading...
