Billionaires Pay Lower Tax Rates Than Average People, New Report Calls For Minimum 2% Wealth Tax To Raise $250 Billion
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Billionaires should face a minimum 2% tax on their global wealth according to a new report. This could raise $250 billion a year.
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The report found billionaires use complex business structures to avoid income tax, paying rates as low as 0-0.5% of wealth.
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The report praised a new global 15% minimum corporation tax, but said loopholes have weakened it.
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Unfairness in taxation poses a risk to democracy by deepening inequality and eroding the social contract.
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Some billionaires like Bill Gates have pledged to donate most of their wealth, but often still pay lower rates than average people.