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Andrew Leahey (andrew@esq.social)'s status on Wednesday, 28-Aug-2024 06:13:28 JST Andrew Leahey

The top 0.1% wealthiest Americans control about $20 trillion in assets.
A tax on them would raise $340 billion and never touch anyone worth less than $50 million.
If you're worth less than $50 million and opposed, you might ask yourself why and who you are furthering the interests of. https://esq.social/@andrew/113033909325519493
In conversation about 3 months ago from esq.social permalink
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  Andrew Leahey (@andrew@esq.social)
  
  Taking even the lowest rate (1.7%) and the smallest base (top 0.5%) from the Spanish wealth tax and applying it to the US would mean an immediate $340 billion annual tax revenue increase. That would be a 7% increase in total tax revenue and, applied to social welfare programs, would constitute a 25% increase in their funding. A wealth tax can work -- those who say otherwise are either billionaires or listening to billionaires. #lawfedi @law@a.gup.pe #wealthtax #taxes https://news.bloombergtax.com/tax-insights-and-commentary/spains-wealth-tax-model-could-address-inequality-in-us-policy

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