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One-off wealth taxation with Arun Advani
Manage episode 285548079 series 2656358
Arun Advani is professor of economics and a commissioner of the UK’s Wealth Tax Commission, and he joins Nate on this episode to discuss the Commission’s call for a one-off wealth tax, and what he thinks of the wealth tax motion Nate has proposed in Parliament.
The Commission found that a one-off wealth tax could generate significant revenue, but also that it “would be economically efficient. Since it is based on wealth at a (past) point in time, a one-off wealth tax does not distort behaviour.”
Nate’s motion calls for, among other tax measures, a one-time tax on extreme wealth - 3% on net wealth over $10 million, and 5% on net wealth over $20 million. The Library of Parliament estimates that such a tax would generate almost $70 billion direct revenue.
Interestingly, this figure is similar to our inclusive recovery fund, which the Fall Economic Statement sets at $70 to $100 billion over three years. So perhaps we should ask those with extreme wealth to pay for our national recovery, an idea that is both fair and efficient.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.uncommons.ca
135 episodes
Manage episode 285548079 series 2656358
Arun Advani is professor of economics and a commissioner of the UK’s Wealth Tax Commission, and he joins Nate on this episode to discuss the Commission’s call for a one-off wealth tax, and what he thinks of the wealth tax motion Nate has proposed in Parliament.
The Commission found that a one-off wealth tax could generate significant revenue, but also that it “would be economically efficient. Since it is based on wealth at a (past) point in time, a one-off wealth tax does not distort behaviour.”
Nate’s motion calls for, among other tax measures, a one-time tax on extreme wealth - 3% on net wealth over $10 million, and 5% on net wealth over $20 million. The Library of Parliament estimates that such a tax would generate almost $70 billion direct revenue.
Interestingly, this figure is similar to our inclusive recovery fund, which the Fall Economic Statement sets at $70 to $100 billion over three years. So perhaps we should ask those with extreme wealth to pay for our national recovery, an idea that is both fair and efficient.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.uncommons.ca
135 episodes
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