Tax Justice Network Pushes for Global Net Wealth Tax to Reduce Inequality
The Tax Justice Network and allies have backed the work of the OECD's Committee of Experts on net wealth taxes. The 27th Session in Geneva will discuss this progressive policy, which could significantly reduce global inequality if adopted.
The joint statement from the Tax Justice Network and partners urges nations to implement comprehensive wealth taxation policies. This move aims to tackle widening disparities and promote social justice.
The statement proposes establishing a global asset registry to enhance transparency and prevent offshore wealth hiding. It also calls for the approval of the Subcommittee on Wealth and Solidarity Taxes' recommendations on wealth taxes and further guidance.
Revenue from a net wealth tax can bolster fiscal capacity in low-income countries, enabling them to provide essential public services. Some countries, like Switzerland, France, and Spain, already impose such taxes. However, a joint declaration could be part of a specific international framework or project.
The 27th Session of the Committee of Experts in Geneva will delve into net wealth taxes, with the Tax Justice Network and allies advocating for their implementation. If nations adopt these policies, it could represent a substantial stride towards global equity.
Read also:
- Small Business Owners Sound Alarm on Tariff Challenges
- THW Marks 75 Years of Saving Lives at Home and Abroad
- Kazakhstan's National Bank Boosts Currency Sales to $1.4 Trillion in Q4
- Federal petition from CEI seeking federal intervention against state climate disclosure laws, alleging these laws negatively impact interstate commerce and surpass constitutional boundaries.
