November 30, 2010
Book Gérald Fillion Radio-Canada
According to the World Wealth Report 2010, there are 10 million millionaires worldwide, including nearly 3 million United States. Their fortune is estimated at 39 000 billion. Imagine if we decided to increase the tax rate of all millionaires the world. One percent of 39 000 billion is $ 390 billion. Two percent is $ 780 billion.
No, but! We solve you problems with a global tax of 1% or 2% on total capital of millionaires on the planet! This is not a suggestion or idea on my part is simply a calculation based proposal of 45 American millionaires who propose to President Obama and Congress - will soon be predominantly Republican - to increase their taxes.
What they offer is simple: whereas we are wealthy Americans, our government is badly in debt and our economy is hard to restart, go and get the money where it is.
These 45 millionaires have launched a petition asking the government to abandon the tax breaks since 2001, taxpayers with annual incomes exceed a million dollars. Among them are Ben Cohen, founder of ice cream Ben & Jerry's, hedge fund manager Michael Steinhardt, singer Moby and Philippe Villers, businessman of French origin who is the founder of Computervision.
billionaires Bill Gates and Warren Buffet have expressed views in favor of abandoning tax cuts for the richest granted by President Bush in 2001.
It is easy to ask the wealthy to pay more taxes. It's a simple idea, and at the time of simplicity, it makes a good effect! Fundamentally, however, on the left, it is believed that the rich are able to do more. And, right, it says that the rich are already contributing their fair share and it is unreasonable to ask them for more. According to The Tax Foundation in Washington, the richest 1% have a higher tax burden than the 95% less wealthy.
That said, 10 million millionaires on the planet is 0.15% of world population which holds the equivalent of 67% of global GDP. And at that time the G20, EU, IMF and Central Bank of Europe, without forgetting the Canadian government and many other governments, in favor of implementing austerity plans important the proposal of the 45 American millionaires should she not be taken more seriously by U.S. officials?
To reduce the incredible U.S. deficit (it is over one trillion dollars this year), is an increase in taxes for the rich should be part of solutions that Republicans in Congress should approve it?
Is this idea should make its way around the world, including us, especially in Quebec, where many economists and business people are concerned about the level of public debt? Does the G20 leaders should consider the idea of a harmonized tax on millionaires fortunes order not to disadvantage the world who might be tempted to increase those taxes, but that would be a bit worried about losing their competitiveness ?
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