Countries can raise $2 trillion by copying Spain’s wealth tax, study finds | Tax Justice Network

Tax Justice Network estimates how much revenue each country can individually raise by taxing the wealth of only the richest 0.5% of its households at a feather-light rate of 1.7% to 3.5% . Spain ’s “featherlight” wealth tax on the 0.4% richest households would see countries raise $2.1 trillion a year globally.

On average, in each country, just 3% of all wealth is owned by half the population, while the richest 1% own a quarter .

Extreme wealth among the superrich is making economies insecure and is directly linked to lower economic productivity.

Tax Justice Network is calling on governments to put an end to the two -tier treatment of wealth by introducing wealth taxes.

Report provides countries with detailed guidance on how to implement wealth tax laws modelled in the study and based on Spain ’s example.

Polling shows overwhelming public support for wealth taxes on the superrich.

The modelled wealth tax employs a progressive wealth rate, following the structure of the Spanish wealth tax.

Globally, the wealth tax would apply to only 0.003% of the global population.

Research shows large rise in wealth among the 1% in the US did not lead to more investments, and instead resulted in dissaving among non-rich households.