A wealth tax serves as an annual levy on individuals' net assets above a certain threshold, aiming at the ultra-rich. In the UK, tightening existing wealth taxes could generate up to $31bn yearly. A proposed tax on the wealthiest 0.5% could yield $2.1tn globally, providing essential funding for services like the NHS and education. Britain's stark wealth inequality shows billionaires' wealth surpasses that of 70% of the population. Public support for a wealth tax remains strong, reflecting a desire for fairer economic distribution.
A wealth tax is an annual levy on an individual's total net assets above a given threshold, targeting accumulated wealth rather than just income.
A modest wealth tax on the ultra-rich, for assets over £10m, could raise around $31bn annually in the UK and significantly contribute to funding various public services.
UK billionaires own more wealth than the bottom 70% combined, highlighting the growing inequality and the potential for a wealth tax to redistribute funds to those in need.
Surveys show that three-quarters of Britons support a wealth tax, indicating strong public backing for higher taxes on the ultra-rich.
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