In Support of a Progressive Wealth Tax

In case you were worried about the wealthy, the United States currently has 813 billionaires, which cumulatively hold $5.7 trillion, up $2.7 trillion since March 2020, a Forbes figure cited by Omar Ocampo from the Institute for Policy Studies in his article “Billionaire Wealth Is Soaring. We Need Progressive Taxation Now.” Ocampo and others propose a progressive world-wide wealth tax, supported by international treaties — to prevent sheltering assets in non-participating countries — starting with those holding above $5 million in assets, with proceeds going toward boosting a green economy, free healthcare, or other social goods.

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