Wealth tax

English: Mexican businessman Carlos Slim Helú....

English: Mexican businessman Carlos Slim Helú. Deutsch: Mexikanischer Unternehmer Carlos Slim Helú, u.a. Präsident von Grupo Carso. Español: El empresario mexicano Carlos Slim Helú. Português: O empresário mexicano Carlos Slim Helú, presidente do Grupo Carso, chega ao Palácio do Planalto para reunião com o presidente Luiz Inácio Lula da Silva. (Photo credit: Wikipedia)

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.