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Tax the Rich!

Summary:
The opening of the global economy over the past 30 years enriched multinational corporations, which have been able to shift profits to wherever the corporate tax rate is lowest. The G20 can take one step toward remedying that by accepting the proposed 15% minimum rate, but it should go much further. PRINCETON – “The taxation system has tilted toward the rich, and away from the middle class, in the last ten years. It is dramatic, and I don’t think it’s appreciated. And I think it should be addressed.” So said the billionaire investor Warren Buffett 18 years ago. He illustrated his claim by surveying his office staff: although he was then the world’s second-richest person, he was paying a lower percentage of his

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The opening of the global economy over the past 30 years enriched multinational corporations, which have been able to shift profits to wherever the corporate tax rate is lowest. The G20 can take one step toward remedying that by accepting the proposed 15% minimum rate, but it should go much further.

PRINCETON – “The taxation system has tilted toward the rich, and away from the middle class, in the last ten years. It is dramatic, and I don’t think it’s appreciated. And I think it should be addressed.” So said the billionaire investor Warren Buffett 18 years ago. He illustrated his claim by surveying his office staff: although he was then the world’s second-richest person, he was paying a lower percentage of his income in taxes than his receptionist was.

Since then, economic inequality has only gotten worse, partly because of the rise of tech stocks that are immensely valuable but do not declare dividends. In 2020, six of the ten wealthiest Americans – Jeff Bezos, Mark Zuckerberg, Warren Buffett, Larry Page, Sergei Brin, and Elon Musk – were major shareholders of...

Peter Singer
Author: Ethics in the Real World, The Most Good You Can Do, Animal Liberation, The Life You Can Save

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