{"id":3490141,"date":"2022-01-25T11:47:07","date_gmt":"2022-01-25T11:47:07","guid":{"rendered":"https:\/\/www.resilience.org\/?p=3490141"},"modified":"2022-01-25T11:47:08","modified_gmt":"2022-01-25T11:47:08","slug":"report-taxing-the-worlds-richest-would-raise-us-2-52-trillion-a-year","status":"publish","type":"post","link":"https:\/\/www.resilience.org\/stories\/2022-01-25\/report-taxing-the-worlds-richest-would-raise-us-2-52-trillion-a-year\/","title":{"rendered":"Report: Taxing the World\u2019s Richest Would Raise US $2.52 Trillion a Year"},"content":{"rendered":"<p>A new analysis, \u201c<strong><em>Taxing Extreme Wealth<\/em>,\u201d<\/strong>\u00a0by the Fight Inequality Alliance, Institute for Policy Studies, Oxfam, and Patriotic Millionaires found a shocking rise in global wealth among the world\u2019s richest people despite deepening inequality during the Covid-19 pandemic.<\/p>\n<p>The analysis, \u201c<a href=\"https:\/\/ips-dc.org\/wp-content\/uploads\/2022\/01\/Report-Taxing-Extreme-Wealth-What-It-Would-Raise-What-It-Could-Pay-For.pdf\"><strong><em>Taxing Extreme Wealth: An annual tax on the world\u2019s multi-millionaires and billionaires: What it would raise and what it could pay for<\/em><\/strong><\/a>,\u201d published on January 19 by the Fight Inequality Alliance, Institute for Policy Studies, Oxfam, and Patriotic Millionaires found that globally:<\/p>\n<ul>\n<li><strong>3.6 million<\/strong>\u00a0people have\u00a0<strong>over $5 million<\/strong>\u00a0in wealth, with a\u00a0<strong>combined wealth of $75.3 trillion<\/strong>, according to data commissioned for this study from Wealth-X.<\/li>\n<li><strong>183,300 households own over $50 million, for a combined wealth of $36.4 trillion<\/strong>, according to Wealth-X data.<\/li>\n<li>There are\u00a0<strong>2,660 billionaires<\/strong>\u00a0with a\u00a0<strong>total combined wealth of $13.76 trillion<\/strong>. (Drawn from Forbes on November 30, 2021).<\/li>\n<li><strong>An annual wealth tax<\/strong>\u00a0applied to the world\u2019s richest would raise\u00a0<strong>U.S. $2.52 trillion<\/strong>\u00a0a year (with a graduated rate structure: 2 percent tax on wealth over $5 million; 3 percent on wealth over $50 million; 5 percent on wealth over $1 billion.)<\/li>\n<li><strong>A<\/strong>\u00a0<strong>more steeply progressive wealth tax\u00a0<\/strong>would raise\u00a0<strong>U.S. $3.62 trillion<\/strong>\u00a0a year (with graduated rates of 2 percent on wealth starting at $5 million; 5 percent on wealth over $50 million; and 10 percent on wealth over $1 billion.)<\/li>\n<\/ul>\n<h3>Taxing Extreme Wealth<\/h3>\n<p>An annual tax on the world\u2019s richest would be enough to lift 2.3 billion people out of poverty, make enough vaccines for the whole world, and deliver universal health care and social protection for all the citizens of low and lower middle-income countries (3.6 billion people).<\/p>\n<p>[slide-anything id=&#8217;3472166&#8242;]<\/p>\n<p>This new\u00a0<a href=\"https:\/\/ips-dc.org\/wp-content\/uploads\/2022\/01\/Report-Taxing-Extreme-Wealth-What-It-Would-Raise-What-It-Could-Pay-For.pdf\">global billionaire wealth analysis<\/a>\u00a0comes on the heels of a new Oxfam International report based on World Bank data that shows that while 99 percent of the world\u2019s workers earned less money in 2021, the world\u2019s ten wealthiest men more than doubled their fortunes. Meanwhile, global protests around the world are set to coincide with the World Economic Forum\u2019s \u2018State of the World\u2019 online meetings.<\/p>\n<p>In the US, roughly 750 U.S. billionaires have seen their wealth increase over $2 trillion since March 2020 for a combined wealth of over $5 trillion, according to\u00a0<a href=\"https:\/\/inequality.org\/great-divide\/billionaires-2-trillion-richer-than-before-pandemic\/\">previous research<\/a>\u00a0by the Americans for Tax Fairness and the Institute for Policy Studies.\u00a0 And there are over 63,500 individuals with wealth over $50 million with combined assets of $12.8 trillion, according to the new report, Taxing Extreme Wealth. An annual wealth tax would raise $928 billion a year, enough to eliminate half of household out-of-pocket health expenses in the U.S.<\/p>\n<p>It is time to levy a wealth tax on the world\u2019s multi-millionaires and billionaires.\u00a0 This is not to simply raise revenue to vaccinate the world and invest in robust public health systems.\u00a0 But a wealth tax that is intended to save democracy from the extreme concentrations of wealth and power.<\/p>\n<p>&nbsp;<\/p>\n<p><em>Teaser photo credit: By Leon petrosyan &#8211; Own work, CC BY-SA 4.0, https:\/\/commons.wikimedia.org\/w\/index.php?curid=47247002<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new analysis, \u201cTaxing Extreme Wealth,\u201d\u00a0by the Fight Inequality Alliance, Institute for Policy Studies, Oxfam, and Patriotic Millionaires found a shocking rise in global wealth among the world\u2019s richest people despite deepening inequality during the Covid-19 pandemic.<\/p>\n","protected":false},"author":128238,"featured_media":3490146,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[79717,213528],"tags":[103608,140256],"class_list":["post-3490141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-economy-featured","tag-economicinequality","tag-wealthtax"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/posts\/3490141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/users\/128238"}],"replies":[{"embeddable":true,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/comments?post=3490141"}],"version-history":[{"count":0,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/posts\/3490141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/media\/3490146"}],"wp:attachment":[{"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/media?parent=3490141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/categories?post=3490141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/tags?post=3490141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}