economy
Tax Day is a reminder of America’s unequal tax system. But we can fix it
There is no justification for a regressive system in which the super-rich contribute less than the rest of us
TL;DR
- Extreme wealth inequality is a global crisis, with the richest 1% capturing 41% of new wealth between 2000 and 2024.
- Billionaires' wealth has grown from 3% of global GDP in 1987 to 16% today.
- The super-rich pay significantly lower effective tax rates than in the past and lower than other income groups.
- Countries like Brazil and Spain are leading initiatives for a minimum 2% tax on the wealth of the super-rich.
- In the US, California voters will consider a tax on billionaire wealth, and Washington state has approved a tax on high incomes.
- New York is implementing a pied-a-terre tax and calling for increased taxes on the rich and corporations.