EU governments are losing out on a staggering 286.5 billion euros in revenue annually, equivalent to 33 million euros per hour, due to their failure to fairly tax Europe’s wealthiest. This amount, equivalent to Finland’s GDP, represents what a European wealth tax of up to 5 percent could raise every year, according to Oxfam’s analysis.
Tag: tax (page 2 of 4)
A European Citizens Initiative: Do sign!
Tax the rich – Foundation for European Progressive Studies (feps-europe.eu)
As the negotiations of Terms of Reference for a new United Nations Framework Convention on International Tax Cooperation move forward, over 170 organisations and trade unions have responded to a consultation and made a joint submission to the Chair of the negotiations, specifying the key points that we expect the Convention to deliver on.
Corporate tax dodging and CEO pay have both gotten so far out of control that a significant number of major U.S. companies are paying their top executives more than they’re paying Uncle Sam.
Corporations That Pay Their Executives More Than Uncle Sam – Inequality.org
We are much closer to seeing the world’s first trillionaire than ending poverty. Why? Because our economic system works for the few richest individuals, often men, who reign over our economy.
Taxing wealth to break billionaire dominance (socialeurope.eu)
A historic tax resolution tabled by the Africa Group was adopted at the UN General Assembly, kickstarting an intergovernmental UN tax process to negotiate a new UN Framework Convention on International Tax Cooperation.
Historic tax vote paves the way for a UN Tax Convention – Eurodad
If – global – governance wants and needs new resources: tackle global tax evasion!
Read Jayathi Ghosh’s article
This paper puts forward an alternative to the proposed multilateral convention under Pillar One of the BEPS project, by building on and going beyond the progress made so far. A new direction was signalled in 2019 by the G-24 paper proposing a taxable nexus based on significant economic presence, combined with fractional apportionment. The resulting measures agreed under the two Pillars entail acceptance in principle of this approach, and also provide detailed technical standards for its implementation. These include: (i) a taxable nexus based on a quantitative threshold of sales revenues; (ii) a methodology for defining the global consolidated profits of MNEs for tax purposes, and (iii) detailed technical standards for defining and quantifying the factors that reflect the real activities of MNEs in a jurisdiction (sales, assets and employees).
Read the working paper of the South Centre
Yes, says the newly created EU Tax Observatory
Billionaires should face a minimum tax rate, report says – BBC News
In an open letter to G20 leaders as they prepared to convene in New Delhi, India for their annual summit, U.S. Sen Bernie Sanders (I-Vt) joined economist Jayati Ghosh, Patriotic Millionaires chair Morris Pearl, philanthropist Abigail Disney, and more than 300 others in declaring that “we cannot allow extreme wealth to continue corroding our collective future.”
“Decades of falling taxes on the richest, based on the false promise that the wealth at the top would somehow benefit us all, has contributed to the rise in extreme inequality,” the Tuesday letter states. “Our political choices allow ultra-wealthy individuals to continue to use tax shelters and enjoy preferential treatment to the extent that, in most countries in the world, they pay lower tax rates than ordinary people.”
“At the same time, the world has seldom had more need for the richest to pay,” the letter continues, noting that global extreme poverty rose in 2020 for the first time in more than two decades as Covid-19 threw the world into economic chaos.
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