The Right-wing case for wealth tax, by Aaron Bastani (@aaronbastani)
Whatever drove the growth of a globally mobile super-rich — and it likely includes all of the above — it’s important to clarify such a shift isn’t limited to countries with a low-tax ‘Anglo-Saxon’ model of capitalism. If that were the case, then Finland, Sweden, Denmark and Norway, all high-tax, high-welfare economies, wouldn’t boast more billionaires per capita than Britain.
The same applies to France. While it has numerically fewer billionaires than here, the wealth of the billionaire class across the Channel is around three times greater.
Yet tax still matters. Because whatever the other explanations for the West’s spiralling inequality, the fact remains that billionaires, and multi-millionaires too, pay relatively less of it than the rest of us.
Read more below ⬇️
https://t.co/AYpJJBSSCa
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