While ordinary citizens pay around half of their income in tax, billionaires often pay close to zero income tax because they earn almost all of their income through companies. Yet there is a lack of political will to change this.
If the super-rich are left outside the tax system, the concentration of economic power eventually clashes with our democratic ideals. This is both a question of fairness and a question of democracy.
Society has become richer, but not more equitable. One proposed solution is the 2% ‘Zucman tax’: a minimum tax on the ultra-rich themselves, put forward by economist and global expert on the taxation of wealth, Gabriel Zucman. We Need to Tax Billionaires shows why now is the moment.