The so-called wealth tax is a politically dissentious financial policy, however one that is gaining back traction in the middle of increasing inequality and moving demographics. U.S. President Joe Biden in his 2024 State of the Union address ended up being the current to propose such strategies, requiring a “billionaire tax” on the nation’s super-rich. But can such a policy operate in truth, and is it most likely to take hold?
The so-called wealth tax is a politically dissentious financial policy, however one that is gaining back attention in the middle of increasing inequality and moving demographics.
U.S. President Joe Biden in his 2024 State of the Union address took goal at the uber upscale, stating he would enforce a targeted “billionaire tax” on America’s most affluent.
It follows an earlier G20 conference, in which financing leaders checked out prepare for an international minimum tax on the world’s 3,000 billionaires.
Colombia, Scotland and the U.S. have actually all proposed wealth taxes in the last few years, signing up with the similarity Switzerland, Norway and Spain in enforcing taxes particularly on the super-rich.
And even a few of the world’s rich are backing such calls. “This is about the wealthy contributing more to the society,” Phil White, retired business owner and member of the Patriotic Millionaires group, informed CNBC.
But can such a policy operate in truth, and is it most likely to take hold? Watch the video above for more information.
