Small Wealth Tax Would Raise Enough for Two $1,400 Stimulus Checks—Report
- Date: 20-Jan-2022
- Source: Newsweek
- Sector:Economy
- Country:Middle East
Small Wealth Tax Would Raise Enough for Two $1,400 Stimulus Checks—Report
A small wealth tax on America's multi-millionaires and billionaires would raise more than $900 billion a year, according to a new report—an amount that could easily fund the cost of sending out two more $1,400 stimulus checks to Americans.
The analysis, published Wednesday by Fight Inequality Alliance, Institute for Policy Studies, Oxfam and a group called Patriotic Millionaires, noted that the wealth of world's richest has risen dramatically despite deepening inequality during the COVID-19 pandemic.
The wealth of American billionaires has increased by $2 trillion since the start of the pandemic, according to the report, entitled: "Taxing Extreme Wealth: An annual tax on the world's multi-millionaires and billionaires: What it would raise and what it could pay for."
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