Discover and read the best of Twitter Threads about #WealthTax

Most recents (22)

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
A list of countries that have a #WealthTax and how they work. THREAD:
#Norway has a wealth tax of 0.85% on individual stocks worth more than $170,000. Of this, 0.7% goes to municipalities, and 0.15% goes to the central govt. In 2017, the wealth tax made up 1.1% of all Norwegian tax revenue.
#Spain has a progressive wealth tax between 0.2% and 3.75% on stocks above $784,000.
Read 7 tweets
It’s time for a wealth tax in America.

Here’s how it works:
Consider two people:

- An heir with $500 million worth of yachts and jewelry and art
- A public school teacher with no savings in the bank

They both bring home $50,000/year. And they both pay the same amount in federal taxes.

That’s a system that is rigged for the top.
My plan: Just a two-cent #WealthTax for every dollar over $50 million in assets and a few more cents for every dollar of wealth over $1 billion. With that, with the wealthy starting to pay their fair share, we can help working families recover and help improve their lives.
Read 3 tweets
@jebrittan2 Macleans covered the story on Andrew's "life changing" six month stay at Lakefield College School, just north of Peterborough, Ont. where Keith William Gleed was a sexual deviant. macleans.ca/news/canada/ho…
@jebrittan2 The Anglican Archives in Canada have his files here. archives.anglican.ca/en/permalink/g…
@jebrittan2 Canadians for Tax Justice just released a report: The number of Canadian billionaires has increased at a far faster rate than the number of American billionaires and their total wealth has also increased at a much faster rate. huffingtonpost.ca/entry/inequali… #cdnecon #wealthtax #cdnpoli
Read 14 tweets
lol I may have 50K followers but I /suck/ at getting viral RTs of empty content.

Really a good sign for y'all and your discernment.
I'm a shitty resistance grifter.
but #WealthTax should be trending.
Read 3 tweets
it's not complicated.
it's widely popular.

reuters.com/article/us-usa…
Read 5 tweets
It’s not “divisive” to demand #MedicareForAll when millions are losing their insurance in a pandemic.

It’s not “divisive” to demand a #GreenNewDeal when it hit 100° in the Arctic for the first time ever.

What is divisive is resisting progress when our people & planet are dying.
It’s not “divisive” to demand #Reparations when our nation has yet to make amends for slavery.

It’s not “divisive” to demand #UniversalBasicIncome when capitalism is displacing jobs.

What is divisive is resisting progress when our nation desperately needs to move forward.
It’s not “divisive” to demand a #WealthTax when 2 billionaires hoard more wealth than half of America.

It’s not “divisive” to demand a $20 #LivingWage when CEO pay’s increased 1000% over last 40 years.

What is divisive is putting the greed of the 1% over the dignity of the 99%.
Read 5 tweets
(THREAD) @ImpactAlpha challenges #impact investors to scale up their efforts 10X. To which I say: Yes! #Investors can do more, but there’s also #policy and #civics to consider. I want to share some ways at @_BlueHaven we’re addressing the #pandemic.
1/ On the #investment side, we’re checking in with #entrepreneurs and orgs we support, helping them keep their teams intact, thinking through costs, etc. (Check out @LaurenSCochran’s conversation with @annefieldonline: bit.ly/2XSdX8D)
2/ Bridge loans to #impact companies can also help. We’re excited about our investment in the Open Road Alliance Fund (@openroadtweets), which offers these to orgs affected by #COVID19 all over the world. bit.ly/2yavbUt
Read 14 tweets
People who think that @BernieSanders gets us closer to @AndrewYang's vision for America don't actually understand Yang's vision for America: A Thread

#YangGang #EndorseUBI
#Bernie2020 #NotMeUs

(1/16)
First of all, #Yang wants a unified America. One where there isn't a huge political divide and so much hate and conflict. He doesn't alienate anyone.

#Bernie is incredibly divisive and angry and will only cause tensions to rise if given the nomination or the presidency.

(2/16)
The #FederalJobsGuarantee goes against Yang's vision because #Yang wants to redefine work in an age where jobs are being automated away and where work that has intrinsic human value isn't being recognized by the market.
#FJG#UBI.

(3/16)
Read 16 tweets
1. @SenSanders says he'll get "Non-traditional voters." That's what Trump did. For a long time I'd feared what Trump finally did. Why I woke up early. Trump's non-traditional voters included KKK and Nazis. Who are @BernieSanders' non-traditional voters? #60minutes
2. It appears to be young voters who have terrible turnout numbers. If he does that he'll get a lot but they will start to question him now that he could win. Others must address his points. On school loans, make them subject to bankruptcy discharge. Two paragraphs in Tile 11.
3. And to pay for universal health Bernie's buying into @ewarren unworkable #wealthtax. That's pure baloney. He and Liz just can't say the word #incometax. I say just tax anything over $1 billion at 91%. Same as $260k in 1951. Graduate it to 30% for income over $10 million.
Read 4 tweets
On Thursday, my campaign started airing an ad about my #WealthTax. Now, some of the scared billionaires who oppose it are going on TV and tweeting their complaints. It clearly struck a nerve. But we need this tax to help working families—so we’re increasing our ad buy.
One of the billionaires who's so upset with me is Lloyd Blankfein. He ran Goldman Sachs while it misled its own clients in order to turn a profit, which helped create the 2008 crash. His bank then took billions in backdoor taxpayer bailouts, and no one was held accountable.
Billionaires like Blankfein can say whatever they want, but I've spent my career holding big banks accountable and fighting for working families—and I'm going to keep building a movement to make America work for working families.
Read 4 tweets
💡 How to reconcile globalisation & #TaxJustice?

Some 🗝️ key points by 🎙️ @gabriel_zucman in another cracking #podcast episode of @TheTaxcast

🎧 ➡️ taxjustice.net/2019/10/25/tax…

THREAD 1/7
#TaxEvasion & #TaxAvoidance are not laws of nature, but policy choices. We can choose to:
🕵️‍♂️ allow secrecy
💸 lightly regulated the tax avoidance industry
🌪️allow tax competition to drive a #RaceToTheBottom

Or we can choose not to allow them 👇 2/7
The alternatively could be to choose to:
🧮 record wealth in registries
🏛️ regulate #TaxAvoidance industry
🌍 make international #tax coordination a core part of #Trade agreements & international cooperation

3/7
Read 8 tweets
1. (Thread): Here is a tweet summary of our paper on wealth taxation: “Use It or Lose it: Efficiency Gains from Wealth Taxation”: bit.ly/2k46stT
Along the way, I discuss some qualifications, and clarify a few things.
2. Our bottom line result is that wealth taxation is preferable to capital income taxation for several reasons. It improves aggregate productivity, reduces some key types of inequality, and raises welfare for a large majority of households.
3. Key feature of wealth taxes that delivers these results is “use-it-or-lose-it” effect (hence the title), which is a powerful mechanism that reallocates wealth to improve aggregate efficiency/productivity. It emerges from a combination of two features/assumptions:
Read 21 tweets

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