Discover and read the best of Twitter Threads about #WealthTax

Most recents (24)

1/9.📜NEW PAPER: "Time to pay the piper: Fossil fuel companies’ reparations for #ClimateDamages" from Marco Grasso and @rickheede gives clear guidance on the billions of $$$'s #FossilFuel companies should pay into the #LossAndDamage Fund each year.

🔗cell.com/one-earth/full… Image
2/9. Our key take always include:

The report finds that the #FossilFuelIndustry will be responsible for $23.2 trillion (USD) of economic #LossAndDamage (to GDP) between 2025–2050 under a 3°C warming scenario.
3/9. This is important because the report demonstrates that it’s possible to attribute #LossAndDamage costs, and the responsibility for redress, to specific #CarbonMajors .
Read 9 tweets
When students of statistics are introduced to creating and interpreting models, they are introduced to George Box's maxim:

*All models are wrong, some are useful.*

It's a call for humility and perspective, a reminder to superimpose the messy world on your clean lines. 1/ A Tron-like plane of glowing grid-squares. Two spherical cow
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

pluralistic.net/2023/04/03/all… 2/
Even with this benediction, modeling is forever prone to the cardinal sin of insisting that complex reality can be reduced to "a perfectly spherical cow of uniform density on a frictionless plane." 3/
Read 67 tweets
There's a lot of discussion recently about implementing wealth taxes at the state or federal level. Many European countries have wealth taxes already. So what can we learn from them?

A recent study took a look. And...it's interesting. #TaxTwitter #WealthTax 🧵
Note for folks who just want to read the journal article -- it's titled "Individual Wealth Taxes and Corporate Payouts" and you can find it in The Accounting Review here: publications.aaahq.org/accounting-rev…

Or download a (free) pre-pub version here: papers.ssrn.com/sol3/papers.cf…
The research stemmed from the observations that wealth taxes apply to the wealthy and that most CEOs are, in fact, wealthy. So, did wealth taxes affect the way that CEOs (and other top execs) ran their companies?

TL;DR: Yes.
Read 12 tweets
The wealth taxes and high net worth individual taxes rolling out today.🧵#statetax
1. California: a two-tier wealth tax on the worldwide wealth (tangible and intangible, financial and non-financial) of high net worth individuals (1% > $50 million, 1.5% > $1 billion). #caleg #capolitics #wealthtax
2. Connecticut: a surtax of up to 20% on capital gains income for the highest earners, plus a higher CIT and a digital advertising tax. #ctpolitics #ctleg #wealthtax
Read 11 tweets
The US Federal Reserve has two imperatives: keeping #employment high and #inflation low. When these conflict - when unemployment goes near-zero - the Fed forgets all about #FullEmployment, cranking #InterestRates to "cool the economy" (AKA "increasing #unemployment"). 1/ A vintage postcard illustration of the Federal Reserve build
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

pluralistic.net/2023/01/19/cre… 2/
An economy "cools down" when workers have less money, which means that the prices offered for goods and services go down, as fewer workers have less money to spend. 3/
Read 53 tweets
In the last decade, the global rich have seen their wealth explode.

We found that an annual #WealthTax on the wealthiest could raise $1.7 trillion to tackle inequality in 60 countries.

NEW report with @Oxfam, @PatrioticMills, and @FightInequality: ips-dc.org/release-new-re…
In the past ten years, global billionaire wealth has skyrocketed by 99.6%, a gain of over $5.9 trillion.

@Chuck99to1: "The concentration of wealth in the hands of the ultra-wealthy is endangering our democracy, economic stability, and social cohesion." ips-dc.org/release-new-re…
In the U.S., households with more than $50 million have seen their wealth increase 53.9% since 2012.

"The only reasonable way to fix our extreme wealth problem is by taxing that wealth directly," says @Chuck99to1. "We need a national #WealthTax." ips-dc.org/release-new-re…
Read 4 tweets
Remarkably good economics from @BBCNewsnight Ben Chu. My view is that on the revenue side, the policies should include 1) freezing personal allowances, 2) raising the 45% tax rate to 50% and reduce the level at which it is paid from £150K to £100K,
3) merging income & capital gains tax to income tax allowances and rates, 4) removing #NonDom status, 5) promising immediate action to identify beneficial ownership of UK assets, 6) setup Committees to consider the benefits of #UBI & #WealthTax ,and
7) announce that @hmtreasury will support more transparency & coordination in UK policymaking.
Read 6 tweets
Today, #inflation has continued to climb to a 40 year high of 9.1%.

When a third of people in the UK are already struggling to afford everyday essentials, these price rises will deliver yet another painful blow.

1/5
With 10 years of wage stagnation and a hollowing out of our social security system, it’s no wonder people are now breaking under the pressure of soaring prices.

2/5
And the government’s excuse for not acting big simply doesn’t stack up.

Failing to support the economy risks long-term economic scarring that could take generations to turn around.

3/5
Read 5 tweets
Short #THREAD

The population of the #USA is 332,915,073, & it has around 790 (0.00023%) billionaires. 🇺🇸

The #UK population is 68,580,309, & it has around 177 (0.00026%) billionaires. 🇬🇧

#ThePeopleVsTheOnePercent #WealthTaxNow
Estimates suggest that a progressive UK net #WealthTax that only taxes the top 1% wealthiest households - those with net wealth above £3.4 million - would raise roughly £70-130 billion a year.

gala.gre.ac.uk/id/eprint/3381…
Introducing a #WealthTax for UK households with net wealth above £3.4million (the top 1%) taxed at a marginal rate of 1%, above £5.7million (the top 0.5%) at a marginal rate of 5%, & above £18.2million (the top 0.1%) at a marginal rate of 10%, would raise £70-130 billion a year.
Read 5 tweets
💵***CHALLENGE TO MUSK & BEZOS***

GIFT $10K TO EVERY HOMELESS PERSON IN AMERICA.

Dear @ElonMusk and @JeffBezos - your combined net worth is more than half a trillion💲.

A little more than 1% of that could give every U.S. homeless person $10,000.

WILL YOU DO IT TODAY?
💵***CHALLENGE TO MUSK & BEZOS***

BACKGROUND:

In 2020, Jeff Bezos tacked on $75B to his net worth. Elon Musk has added more than $50B to his wealth in just the past few months. Musk recently said he'd consider selling $6 billion of Tesla stock to address global hunger...
💵***CHALLENGE TO MUSK & BEZOS***

According to the The National Alliance to End Homelessness, there were approximately 580,000 people experiencing homelessness in America as of January 2020.

The pandemic has most certainly increased those numbers...
Read 5 tweets
"Ownership of the real, core assets is where the region’s wealth comes from, and it doesn’t extend down the social hierarchy."

theatlantic.com/ideas/archive/…
"These elites’ wealth derives not from their salary—this is what separates them from even extremely prosperous members of the professional-managerial class, such as doctors and lawyers—but from their ownership of assets."
~@Patrick_Wyman

#WealthTax
theatlantic.com/ideas/archive/…
"Wherever these elites live ... through their political donations and positions within their localities and regions, they wield a great deal of political influence. They’re the local gentry of the United States."

theatlantic.com/ideas/archive/…
Read 12 tweets
As someone who opposes Islamophobia, why should I vote strategically for a party that drafted a dog-whistle bill around it or that voted for it, over the NDP who didn't?

#Islamophobia #Elxn44 #cdnpoli
As someone who supports labour organizing, why would I vote strategically for a party who doesn't want to strengthen labour laws to support workers during strikes and lockouts, when the NDP does?

#canlab #strike #Elxn44
As someone who wants trade deals that are good for Canada and Canadian workers and don't contain harmful ISDs and respect our sovereignty, why would I vote strategically for any party who undermines that? #trade #cdnecon #Elxn2021
Read 17 tweets
Today, thanks to reporting from @propublica, the public is now able to see how the ultrarich avoid paying their fair share of taxes by exploiting loopholes and escaping scrutiny from federal auditors. It’s time for a #WealthTax. It’s time to #TaxTheRich. propublica.org/article/the-se…
Here's how absurdly unfair our current tax system is. #TaxTheRich
When @propublica calculated Jeff Bezos' true tax rate, it revealed that he only paid a 1.1% tax rate between 2006 - 2018 when his wealth increased by $127 billion. #TaxTheRich
Read 4 tweets
Canada’s billionaires have grown richer during the pandemic, and calls for a wealth tax are getting louder thestar.com/news/gta/2021/… via @TorontoStar #Canada #WealthTax #inequality #cdnpoli #cdnecon
"A one-time wealth tax won’t enable govts to make sustainable investments in major public projects, such as fighting climate change. It’s only an annual wealth tax that can bend down that curve of rising billionaire wealth & raise revenues for the long term." .. #cdnpoli #cdnecon
"For the super rich during this pandemic, their wealth has been more like a propeller, lifting them to even greater heights. Since March 2020, Canada’s billionaires, of which there are about 4 dozen, have collectively increased their wealth by more than $78B." #WealthTax #cdnpoli
Read 4 tweets
.@LindaMcQuaig's piece for @TorontoStar debunks some of the most facile arguments against a #wealthtax. THREAD:
1. A wealth tax is foreign to Canada
Canada already has this: The property tax, imposed on almost all wealth held by low/middle income Canadians-their homes. A wealth tax extends this tax to include other forms of property above $20M, like stocks/bonds-mostly held by the wealthy
2. A wealth tax hasn't worked in other countries.
"Wealth taxes in many European countries were badly designed. They had low thresholds, so they taxed many people who were not ultra-rich, just well-off. Today’s proposed wealth taxes only target those who are undeniably wealthy."
Read 9 tweets
Giant corporations that make billions of dollars in profits off the services that the rest of us pay for need to invest in America's future. Billionaires and giant corporations must pay a lot more. nytimes.com/2021/04/07/bus…
Raising the corporate tax rate alone isn’t enough when armies of lawyers and accountants help corporations pay a tiny fraction of that rate. We need a strong Real Corporate Profits Tax – and not a watered-down version that lets more giant companies continue to pay zero taxes.
This $2.5 trillion plan to enforce our tax laws and catch wealthy tax cheats is a good down payment to #BuildBackBetter – but a #WealthTax on fortunes over $50 million would raise at least $3 trillion for America’s future. Let’s not nibble around the edges here.
Read 4 tweets
"Capital is back because low growth is back" @PikettyLeMonde said, stating that decreasing growth leads to increasing #inequality. If that would be true, we have a social-ecological dilemma #degrowth. I wrote my BA about it and got the #GSÖBW price for it yesterday. Thread. 1/14
Yesterday was #GlobalClimateStrike. Many studies show: The #ClimateCrisis can only be solved if economic growth rates in the North decrease rapidly. @timparrique, @g_kallis, @jasonhickel. If decreasing growth necessarily leads to increasing inequality, we have a problem. 2/14
True,since the 1980s economic growth has decreased in Germany, while income and wealth inequality have increased @CharlyBartels @MiriamRehm. But is it a correlation or causality? I argue, political decisions led to increasing inequality, not declining growth. Four arguments: 3/14
Read 14 tweets
A entrevista foi feita há algum tempo, mas a entrevista da @speraltalisboa acelerou a publicação:

“Se se preocupa com desigualdade, um imposto sobre a riqueza deve estar no centro do que defende. Se não se preocupa, provavelmente continua a ser boa ideia” visao.sapo.pt/exame/analise/…
A discussão sobre um imposto sobre as fortunas tende a ser ideológico e dividir esquerda/direita. Três economistas decidiram colocar a questão no plano técnico: como poderia funcionar no UK? Entrevistei um deles, @arunadvaniecon sobre as vantagens e desafios dessa ideia
A entrevista da @speraltalisboa está aqui. A não ser que tenham estado debaixo de uma pedra nos últimos dias, devem ter visto este título
ionline.sapo.pt/artigo/726204/…
Read 32 tweets
1/ "Where was the Federal Reserve in all this? It poured out trillions of dollars in relief, but the funds did not trickle down to the real economy. They flooded up, dramatically increasing the wealth gap. " #wealthgap #WealthTax
2/ "By October 2020, the top 1% of the U.S. population held 30.4% of all household wealth, 15 times that of the bottom 50%, which held just 1.9% of all wealth." #wealthgap
scheerpost.com/2021/03/03/wil…
3/ "The devastation caused by nationwide Covid-19 lockdowns in 2020 has highlighted the inadequacies of the current financial system in serving the public, local businesses, and local governments. Nearly 10 million jobs were lost to the lockdowns, over 100,000 businesses closed "
Read 10 tweets
Today, with @PramilaJayapal & @RepBrendanBoyle, I’m introducing a bill for a two-cent #WealthTax on net worths above $50 million—a few cents more for billionaires. This will raise at least $3 trillion to #BuildBackBetter and increase opportunity for all.
nytimes.com/2021/03/01/bus…
Right now, we live in an America tilted toward the ultra-rich and the powerful. The tax system is so full of loopholes and special breaks that families in the top 0.1% pay about 3.2% of their wealth in taxes while the bottom 99% pay about 7.2% in taxes.
Since the pandemic crisis started, billionaire wealth has shot up 40%, while millions remain unemployed and families struggle to keep a roof over their heads and food on the table. It’s time for a #WealthTax to make ultra-millionaires and billionaires pay their fair share.
Read 5 tweets
Billionaire wealth is 40% higher now than when the COVID crisis began – but our tax system is still tilted toward the ultra-rich. Today @RepJayapal, @CongBoyle and I are introducing our #WealthTax bill to make the wealthiest Americans pay their fair share. nytimes.com/2021/03/01/bus…
The #WealthTax is a two-cent per dollar tax on people with a net worth above $50 million – and a few cents more for the billionaires. This small tax would generate at least $3 trillion to help fund bold reforms in President Biden’s #BuildBackBetter agenda.
A #WealthTax is critical for raising revenue, and that revenue is critical for raising opportunity. We build a future for all of our kids by investing in opportunity. This is one way we can make this government work for everyone – not just the rich and powerful.
Read 3 tweets
Winners and losers of the pandemic. THREAD:
The winners:
1. Canada’s top grocery stores earned $721 million in profits in only 3 months of the pandemic.
- Loblaws: $342 million
- Metro: $187 million
- Empire Company Ltd. (owns Sobeys): $ 192 million
2. Billionaires:
- Canada’s top 20 billionaires amassed $37 bn in 2020.
- The top five billionaires increased their wealth by $5.5 bn
Read 8 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!