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According to the EUTax GLOBAL TAX EVASION REPORT 2024  offshore tax evasion by wealthy individuals has shrunk by a factor of about three over the last 10 years. However the global minimum tax of 15% on multinationals, which raised high hopes in 2021, has been dramatically weakened by a growing list of loopholes. Third: tax evasion is increasingly happening domestically. Global billionaires have effective tax rates equivalent to 0% to 0.5% of their wealth. As senior judge of the United States Tax Court Mark.V Holmes once famously said: taxes are the price we pay for a civilized society.

#Taxtherich It is a simple and fair concept. Very much needed!! More than 129.000 people have signed the petition... What about you? Sign the petition here: https://lnkd.in/ewFTbaYB According to WeMoveEurope movement: "Just a small wealth tax on the super-rich could raise nearly 300 billion euros every year in the EU. And this tax would only affect multi-millionaires, the super rich like Marlene Engelhorn. Spain is already experimenting with this wealth tax to great success. Spanish services like hospitals have more money and a mass exodus of wealthy people has not taken place. So we know it's possible". #wemoveEurope #wealth #taxtherich #equality #europe #cop28 #parliament #ESG

Spain’s Economy Minister Urges Global Action on Wealth Tax 🌍💰 Carlos Cuerpo, Spain’s economy minister, has called on the world’s richest countries to “be brave” and move forward with a global minimum tax on billionaires. The proposal aims to raise $250 billion annually by ensuring billionaires pay at least 2% tax on their assets. Brazil, France, Germany, and South Africa are backing this plan, emphasizing that the funds are critical for addressing climate vulnerabilities and driving green investments. This call for a global wealth tax comes at a critical time, with rising inequality and an urgent need for action on climate change. As Cuerpo said, "There is an element here of redistribution of wealth that has been demanded by our citizens." At Millionaires for Humanity, we believe that it’s time for the wealthiest among us to pay their fair share. If not us, then who? https://brnw.ch/21wOWNt #WealthTax #TaxTheRich #ClimateAction #GlobalEquality #MillionairesForHumanity #FairerFuture

“The argument behind such a tax is straightforward: we need to enhance the ability of our tax systems to fulfil the principle of fairness, such that contributions are in line with the capacity to pay.”   Read this call for global cooperation on tax by Svenja Schulze, Fernando Haddad, Enoch Godongwana, María Jesús Montero and Carlos Cuerpo, setting out the case for a coordinated global tax on billionaires and the framework required to make it work.   More countries are leading the charge to find equitable, sustainable sources of finance to meet their commitments at home and abroad. We welcome all countries' efforts and ambitions in advancing the global climate and development tax agenda.   Through international cooperation, we can create a more equitable global tax system and unlock the funding required to meet the challenges of #climatechange, development and inequality.   https://lnkd.in/eDScFG3x

🇩🇪🇧🇷🇿🇦🇪🇸Ministers call for #BillionairesTax: “higher taxes for the super-rich are key to battling global #inequality and #climatecrisis” “The argument behind such tax is straightforward: we need to enhance the ability of our tax systems to fulfil the principle of fairness, such that contributions are in line with the capacity to pay. Persisting loopholes in the system imply that high-net-worth individuals can minimise their income taxes. Global billionaires pay only the equivalent of up to 0.5% of their wealth in personal income tax. It is crucial to ensure that our tax systems provide certainty, raise sufficient revenues, and treat all of our citizens fairly.” https://lnkd.in/e7viX93D

Ambitious' Tax Reforms Could Propel UK Towards Net Zero, Unlocking £57 Billion in Green Economic Growth The CBI (Confederation of British Industry) has called on the government to implement new tax incentives to stimulate investments in the burgeoning green economy, which could contribute tens of billions of pounds annually to the UK's GDP and support the country's climate commitments. https://lnkd.in/gVZd35td #Investment #CBI #Taxation #InflationReductionAct #ConfederationofBritishIndustry #RainNewtonSmith #UK #CBI

Top 10 countries with the highest personal income tax rates in the world: 1. Denmark 55.9% 2. Sweden 52.9% 3. Belgium 50% 4. Finland 49.2% 5. Iceland 46.9% 6. Netherlands 46.5% 7. Portugal 46.3% 8. Austria 45.6% 9. France 45.4% 10. Norway 44.7% #taxation #taxes #fiscalité #économie #finance #Danemark #Suède #Belgique

Is it time to impose a minimum global tax on #billionaires? The ongoing debate on #tax ahead of the #UKgeneralelection fails to address the “elephant in the room”, writes Fernanda Balata on the LSE International Inequalities Institute blog. A global minimum #wealthtax for the world’s roughly 3,000 billionaires – as proposed by the Brazilian presidency of the #G20 this year – could raise close to £200 billion in revenues to help address the #climate and #costofliving crises.

🌐 Taxes are popular fiscal instruments governments employ for economic policies. Can taxes also assist with the #UnitedNations #SustainableDevelopmentGoals? 🌍 Government officials in leading economies have recognised the potential of utilising taxation to generate essential public funds to address global challenges such as tackling poverty and climate change. 💰 G20 ministers from Brazil, Germany, Spain, and South Africa advocate for a minimum 2% wealth tax on the world's billionaires to generate £250 billion annually to combat poverty, inequality, and climate change. 🔑 Key Ministers’ arguments: - Research highlights billionaires' massive wealth grew during the pandemic while poverty reduction stalls- A study from Oxfam reports that billionaires were 34% wealthier at the end of 2023 than they were in 2020 - The tax is seen as a means to address growing wealth inequality exacerbated by the pandemic and other crises. - The tax would complement existing measures like minimum corporate taxes and digital taxation. 🔍Envisaged challenges in implementing the reform include countering tax evasion and overcoming expected resistance from the super-rich despite significant public support for the proposal. ❓What do you think about using tax systems to support positive impact? What are your thoughts on subjecting the “super-rich” to extra tax for good purposes? Please share in the comments below. Source: Check out the link in the comments below. 🔗 Follow me and Wholesum for more insights, news, and articles on: #TaxForGood #ClimateChange #ESGRegulations #G20 #EmergingMarkets

📢 Every country depends on taxation to deliver key public goods, to meet citizens’ needs, and to achieve the Sustainable Development Goals (SDGs), but this responsibility is undermined by the weakness of current international tax cooperation and by poor transparency. Joining 22 NGOs, we urge UK Prime Minister Rishi Sunak to champion a fairer global tax system at the UN Tax Convention. Join the call for #TaxJustice and a more equitable world. #GlobalGoals 🤝