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The tax would raise around $2.75 trillion over 10 years, roughly 1% of GDP on average per yearuld raise the total tax burden for those subject to the wealth tax from 3.2% relative to their wealth under current law to about 4.3% on average, versus the 7.2% for the bottom 99% families. [79]
The White House in September estimated that the 400 wealthiest families in America paid an average federal individual income tax rate of 8.2% on $1.8 trillion of income between 2010 and 2018.
Spain has a long-standing regional wealth tax from 0.16% to 3.5%. But instead of emigration, wealthy Spaniards either accepted their wealth tax rate or relocated to a cheaper region within the ...
A Nov. 2024 report from the state Washington State Department of Revenue on a potential wealth tax noted, “Even with updated income, forecasts, and other data points, the fiscal model cannot ...
A wealth tax (also called a capital tax or equity tax) is a tax on an entity's holdings of assets or an entity's net worth. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses , financial securities , and personal trusts (a ...
A majority of American millionaires are in favor of a proposal to require the world's billionaires to pay taxes worth at least 2% of their overall wealth every year.
In many European countries, wealth taxes were a failure. In 2018, president Emmanuel Macron cancelled France's wealth tax, which had caused capital flight, brain drain, loss of jobs, a net loss in tax revenue. The rate was charged on individuals with a net worth over €1.3m (£1.14m), with the rate ranging from 0.5% to 1.5% on assets over €10m.
The wealth analysis draws from the 2022 Survey of Consumer Finance, which found that household wealth in America swelled at a record pace during the pandemic. From 2019 to 2022, the median net ...