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Gabriel Zucman's Proposal for Taxing Billionaires UPSC NOTE

 

  • French economist Gabriel Zucman proposes a globally coordinated minimum tax on billionaires.

  • Individuals with over $1 billion in wealth would pay an annual tax of 2% on their wealth.

Rationale:

  • Current tax systems don't effectively tax billionaires, who often pay very low rates (0-0.5%).

  • Wealth inequality is growing rapidly, with the top 0.0001% seeing their wealth surge (13% of global GDP in 2024).

  • Progressive taxation is needed to fund public services, address climate change, and promote social cohesion.

Feasibility:

  • Recent progress in information sharing and the global minimum corporate tax (15%) show international cooperation is possible.

Support:

  • Brazil (current G20 president), France, Spain, and some other countries support the proposal.

  • While the US doesn't support a wealth levy, President Biden's proposed minimum income tax for the ultra-rich shows a similar intent.

Relevance for India:

  • India has seen a significant rise in wealth inequality, with the top 1% holding a large share (40.1% of wealth).

  • A "super tax" on the wealthy could help reduce inequality and fund social programs.

  • A 2% tax on India's top 162 wealthiest families could generate significant revenue.

  • Overall, Zucman's proposal aims to address wealth inequality and raise tax revenue through a coordinated global effort.


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Gabriel Zucman's Proposal for Taxing Billionaires UPSC NOTE
Gabriel Zucman's Proposal for Taxing Billionaires UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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