The SMALL wealth tax on many US millionaires and billionaires could raise more than $900 billion a year, which could fund two stimulus checks of more than $1,400, the report said. report said.
The analysis notes that during the Covid-19 pandemic, the wealth of the world’s richest people has increased significantly while inequality has increased.
The wealth of US billionaires has increased by $ 2 trillion since the pandemic began, while many households struggle to make ends meet.
But a study published by the Coalition Against Inequality, the Institute for Policy Studies, Oxfam, and a group called Patriotic Millionaires, concluded that there is a solution.
The report calculates that a wealth tax of 2% for those with more than $5 million, rising to 5% for billionaires, could bring in $928.39 billion a year.
The two percent rate for assets over $5 million increases to 10 percent for those with more than $1 billion, which would increase $1.34 trillion.
The report said an additional $928.39 billion could raise the government’s health budget by a third.
It could also wipe out half of health care costs from out-of-pocket households.
Last year’s Rescue America Plan included about $400 billion used for $1,400 in direct payments to most Americans.
But with many American families still struggling financially during the ongoing pandemic.
A total of $928.39 billion in tax revenue could cover the cost of two more than $1,400 in stimulus checks.
The report also found that wealth taxes on many of the world’s millionaires and billionaires could increase by $2.52 trillion per year.
This would be enough to lift 2.3 billion people out of poverty, produce enough vaccines for the world, and ensure health care and social protection for people in lower-income countries.
It comes after the Patriotic Millionaires, a group of more than 100 of the world’s richest people, called on governments to tax them more.
In an open letter to coincide with the World Economic Forum’s “virtual Davos,” they said: “As millionaires, we know that the current tax system is unfair.”
https://www.the-sun.com/money/4518083/two-new-1400-stimulus-checks/ How two new $1,400 stimulus checks could be sent to struggling Americans if a small estate tax is introduced