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UN proposes international tax on billionaires

Gathering Of World Leaders At U.N. General Assembly Continues

Governments are constantly looking for new ways to tax their citizen in order to fund their own personal agendas. When economic condition are tough, the wealthiest are always the first to be looted. Despite the UN not having any international taxing authority, they are now proposing that member nations impose a tax specifically on billionaires. Bloomberg reports the details of the proposition:

Placing a 1 percent levy on “individual wealth holdings” of at least $1 billion could raise as much as $50 billion, according to the UN’s World Economic and Social Survey published today.

The proposal to target the world’s wealthiest citizens comes amid a global economic slowdown that has left donor nations tightening budgets and forced the UN to look for more inventive ways to raise as much as $400 billion toward development assistance. The UN has no taxing powers, so any such tax would be up to the individual member nations.

The report said a billionaires’ tax proposal — on a list of “innovative sources” of development finance — “is not yet in any international agenda.”

The UN report says there are more than 1,200 billionaires worldwide, of which at least 425 are in the U.S., 315 in Asia and 310 in Europe. Their combined worth is about $4.6 trillion dollars, according to the report.

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