Billionaire tax – level 2
Governments should create a new rule to fight tax cheating in the world. It is necessary to make sure that even the richest people pay taxes fairly.
This rule would be a minimum tax for billionaires, and it could bring in 250 billion dollars each year. This amount is only 2% of the 13 trillion dollars that 2,700 billionaires around the world have. Right now, many billionaires pay very little in personal taxes because they hide their money in companies which help them avoid taxes. This is a big problem because it hurts the tax system and makes ordinary people not like taxes.
Billionaires in the US pay around 0.5% in taxes, and in France, they may not pay anything at all. Some people say that this is not fair. There are more and more rich people, and it is getting harder to pay for things like helping older people and dealing with big problems like climate change and the money spent because of COVID-19.
You can watch the original video in the Level 3 section.
What are the potential advantages and disadvantages of implementing this new rule?
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