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Consider This from NPR

A proposal to tax the rich is gaining traction. But is it feasible?

Consider This from NPR

NPR

News, Daily News, Society & Culture, News Commentary

4.2 β€’ 6.2K Ratings

πŸ—“οΈ 4 August 2024

⏱️ 10 minutes

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Summary

Over the last decade, calls to tax the rich have grown louder around the world β€” but the needle hasn't exactly moved.

Now, the Brazilian government has a new proposal: a 2 percent global wealth tax on the uber-rich. It would impact the 3,000 wealthiest people around the world.

Economists say this 2 percent hike would unlock an extra $250 billion per year. That money could go toward addressing a number of issues, like climate change and global poverty.

G20 nations would have to agree on this proposal before it goes anywhere β€” and so far, that's not happening. France, Spain, South Africa and several other nations have voiced support, but the U.S. and Germany aren't on board.

Is a global wealth tax a feasible solution?

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Transcript

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0:00.0

Over the past decade, calls to tax the rich have grown louder all around the world.

0:05.0

That's the age of the poor.

0:07.0

We won't take it anymore.

0:09.0

You want to make a million or millions of bucks, that's great.

0:12.0

Just pay your fair share in taxes but the needle

0:15.4

hasn't exactly moved billionaires are still amassing incredible amounts of

0:20.4

wealth and they are paying less in taxes than they have in decades.

0:24.3

The Brazilian government has a new proposal, a 2% global wealth tax on the Uber rich.

0:30.5

It would affect the 3,000 wealthiest people in the world.

0:34.0

2% might not sound like a lot until you consider just how much

0:37.5

billionaires are paying in taxes right now.

0:40.0

It is something like 0.3% of their wealth, according to a new report commissioned by the G20.

0:46.6

Economists say this 2% hike would unlock an extra $250 billion a year, and that money could go toward addressing a number of issues like

0:55.7

climate change or global poverty.

0:57.7

But there's still a question of feasibility.

1:00.0

How do you coordinate a global tax?

1:02.8

G20 nations would have to agree on this proposal

1:05.2

before it goes anywhere, and so far that isn't happening.

1:08.7

France, Spain, South Africa, and several other nations

1:11.2

have voiced support, but the US and Germany are not on board.

1:16.0

Consider this. Billionaires are getting richer and calls to tax the Uber rich are getting louder.

1:22.0

Is a global wealth tax a feasible solution?

...

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