Rather than expect struggling voters to pay more, a wealth tax on billionaires such as Jeff Bezos and Elon Musk is suggested to address growing demands on governments and reduce inequality.
US billionaires often pay lower tax rates than ordinary workers, mainly due to their wealth being derived from asset value growth and tax strategies, leading to an average tax rate of 8%.
Proposals for a global wealth tax, like the Brazilian government's 2% levy on billionaires' wealth, are being considered to tackle financial deficits exacerbated by recent events like the pandemic and energy shocks.
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