The conversation around taxing the super-rich continues to spread south of the border. Last month, Congresswoman Alexandria Octavio-Cortez ignited debate with her call for a 70% marginal tax rate on incomes over $10 million. Two weeks ago Democratic Senator Elizabeth Warren called for a new annual wealth tax of 2% on those with net worth over $50 million and 3% on billionaires. While billionaires may not like these proposals, they are highly popular among most Americans, with large majorities supporting these taxes. This discussion has exploded in the media, with a number of opinion pieces and studies exploring the benefits of these proposals.
Conversation carrying across the globe
The idea of getting billionaires to pay their fair share isn’t only gaining attention in the US. Late last week, Dutch historian Rutger Bregman made headlines after laying into a panel of ultra wealthy business owners at the World Economic Forum (WEF) in Davos, Switzerland. The viral video has pushed issues such as tax havens and fair wealth redistribution into the average citizen’s discourse. They are definitely feeling the heat in Switzerland: Klaus Schwaub, the founder and chairman of the WEF, recently said “With rising inequality, it will almost certainly be necessary to increase taxes on wealth and reduce those on labour.”