"The taxation of high net-worth individuals is very important as it could be a source for funding initiatives that fight hunger and poverty, and also tackle climate change," Tomas Marques, a research fellow at Hamburg's GIGA Institute for Latin America, emphasizes the significance of this tax plan in addressing global disparities and pressing issues.
"Despite fierce resistance from the United States and within Germany's now collapsed coalition government, Lula hopes to move the wealth tax plan forward as the money raised from billionaires will help boost other pressing global issues," highlighting the political challenges surrounding this initiative.
"This would include real estate assets, corporate shareholdings and other investments. Zucman estimates that the top 0.01% of the population pay an effective tax rate of just 0.3% of their wealth," illustrating how the current tax structure disproportionately favors the ultra-wealthy.
"The new levy could raise up to $250 billion a year from the nearly 2,800 billionaires globally, who have a combined net worth estimated at some $13.5 trillion," showcasing the potential financial impact of the proposed tax legislation.
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