Even though President-elect Joe Biden isn’t a fan of a wealth tax, progressives are pushing forward on the state level.
The fortunes of the world’s 500 wealthiest people rose almost a third in 2020, according to the Bloomberg Billionaires Index, surging by US$1.8 trillion to US$7.6 trillion.
(Jan 7): The fortunes of the world’s richest people soared in 2020 even as the pandemic caused economic devastation, a stark trend that is reviving calls to tax all that new wealth.
From Chile to the UK, left-leaning parties, lawmakers, activists and academics are floating new proposals for levies on millionaires and billionaires, with the goal of directly taxing their assets rather than hiking rates on sources such as income.