Taxes
The Wealth Tax Is Going Global
Argentina imposed a one-time levy on millionaires in December, and other serious proposals are being floated from California to Germany.
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The fortunes of the world’s richest people soared in 2020 even as the pandemic caused economic devastation, a stark trend that is reviving calls to tax all that new wealth.
From Chile to the U.K., left-leaning parties, lawmakers, activists and academics are floating new proposals for levies on millionaires and billionaires, with the goal of directly taxing their assets rather than hiking rates on sources such as income.