For a wealth tax political
Repeals were about bad design
The taxes that were repealed had low thresholds, leaky exemptions and poor enforcement — the failures were of design, not of the underlying idea.
- 2 sources
- 1 person
- 1 evidence
Backed by
- Taking Stock of Progress on Transparency and Exchange of Information for Tax Purposes
Cross-border sheltering is a design problem that's already being solved. Since the Common Reporting Standard began automatically swapping bank data between countries, jurisdictions have identified about €107 billion in extra tax, interest and penalties from voluntary compliance, and in 2022 alone information was exchanged on 123 million accounts worth €12 trillion. Independent research (Boas et al., 2024) finds automatic exchange cut the offshore tax gap by roughly 70%. "They'll just hide it abroad" describes a loophole that enforcement has largely closed, not an inevitability.
Where it's been said
-
The economist billionaires fear: this is how we get a wealth tax“But there are two ways to look at that experience. You can say, "Well, we've tried in the past. It didn't work. Hence, it will never work." End of story. We can”
-
Why are the far right doing so well? And can they be stopped?“Okay, all right, fine. Wealth taxes have in some cases been designed badly. This is true. Work with me to design the wealth tax well, then.”