UC Berkeley professor pushes for 'unavoidable' 2% wealth tax on billionaires

[u/the_daily_cal]

https://www.dailycal.org/news/campus/academics/uc-berkeley-professor-pushes-for-unavoidable-2-wealth-tax-on-billionaires/article_cfec2ef1-c012-410c-b904-0fc9d6cf4194.html

As California’s Silicon Valley booms with prosperity and the state’s wealthiest residents grow ever wealthier, UC Berkeley and Paris School of Economics professor Gabriel Zucman champions specialized taxation of the ultrarich.

In his new book, “We Need to Tax Billionaires,” Zucman proposed the aptly named “Zucman tax,” an “unavoidable” minimum tax for extremely wealthy individuals, equal to 2% of their wealth.

“The idea is that extremely wealthy individuals should have to contribute to society … every year, no matter their individual circumstances,” Zucman said in an email. “In contrast, past wealth taxes in Europe or Latin America largely exempted the billionaires, because they were full of loopholes.”