Make billionaires middle class again.
this post was submitted on 01 Jul 2025
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Anti-Poverty Campaigners Cheer Spain-Brazil-South Africa Plan to Tax the Grotesquely Rich
(www.commondreams.org)
The depressed cynic in me says the billionaires will just find new tax havens and other embezzling ways around it. But it's a good initiative and I pray it actually leads to something tangible.
Yep, I'm sure some corrupt African country will do just that...
Grotesquely rich sounds good, this "billionaire" has a too good ring to it IMO.
"To achieve this, it is necessary to foster international cooperation in multilateral forums to promote and facilitate the implementation of evidence-based reforms and ongoing experiences regarding the taxation of large fortunes in different countries." [the Spanish government explained.]
Really glad they've decided to counter the ability of the grotesquely rich to just move to another country. If we want them to pay taxes, we need international cooperation.
Yeah, capital flight tax has to be implemented first to ensure that increasing taxes on the rich will be foolproof.
I once heard a theory we should not tax incoming money but outgoing money. So with income tax it is not that you pay over what you receive but your employer pays tax before you get it (like you pay vat when you buy something). I am no expert but it sounded like it would really work on big corps and rich people because the bank would have to pay taxes when they pay you interest, the broker would pay tax when they pay your profits on shares. Can't imagine it be easy to overhaul the whole system, but it would take away the 'responsibility' of paying taxes from the person who owns the money and puts this responsibility on the person who's parting from the money.
Ohh, so this is why those people are always shouting about globalism being bad.