The UN has proposed a wealth tax of 1% on the world’s billionaires to help poor nations. I think that it is a good idea, but I have a better idea. Some European nations already impose a wealth tax of a fraction of 1%. I would impose a wealth tax on the wealthy, not just billionaires, in every nation of the world. If a first world nation generated more revenue than it needed, it could increase its foreign aid to third world nations that need help.
For example, Mexico‘s Carlos Slim Helu is the world’s richest man. If Mexico would tax its wealthy fairly and then impose an added wealth tax, it could improve the lives of Mexico’s poor to such an extent, that the flow of undocumented workers to the US might slow or cease. In that case US employers would be forced to automate many low wage jobs in the US or pay US workers a better wage to do those jobs. Both US citizens and citizens of Mexico would benefit.
- Mish/ Mike Shedlock – France To Set Top Marginal Tax Rate At 75%, Permanently Increase Wealth Taxes, Hike Surcharges On Banks And Energy Companies; Further Tax Hikes Next Year; Poised To Implode – 5 July 2012 (lucas2012infos.wordpress.com)
- Warren Buffett Wants To Crush Billionaires With A Retroactive 90% Wealth Tax (businessinsider.com)
- Wealth: The missing tax – because it is fair (rayhano.com)
- The Wealth Tax (chrisattrill.wordpress.com)