A Similar theme from George Monbiot at the guardian
There are many excuses for failing to tax the ultra-wealthy. The truth is that governments don’t tackle the problem because they don’t want to
At the root of all our problems stands one travesty: politicians’ surrender to the super-rich
> Oxfam’s perspective is global, but we don’t have a world government, so all wealth taxes would have to be national. Very few countries have wealth taxes of the kind Oxfam seems to be seeking. One which does is France. Its imposition – at much lower rates than Oxfam seems to be advocating – raises comparatively little, and has driven many rich people abroad. And as in any country the super-rich are a vanishingly tiny minority, wealth taxes will inevitably catch people who are very far from being billionaires. The French wealth tax hits assets in excess of just €1.3 million. The most recent figures suggest that, of 350,000 households liable to the tax, 250,000 paid less than €5,000.
> If taxes could be devised which would catch much larger amounts of billionaires’ wealth, how would it be redistributed, with no world government in prospect?
> Without a plausible plan for practical redistribution, the annual Oxfam report has become simply an opportunity for the left’s performative outrage, as pointless in its own way as the World Economic Forum which they bemoan. No political party in Britain should take it seriously and neither should the public.
> The ISF was controversial; critics claimed it drove away wealthy individuals from the country, resulting in financial loss. A report by senator Philippe Marini estimated that 843 people left France in 2006 because of the tax, resulting in a net loss of €2.8 billion.[2][3]
A Similar theme from George Monbiot at the guardian
There are many excuses for failing to tax the ultra-wealthy. The truth is that governments don’t tackle the problem because they don’t want to At the root of all our problems stands one travesty: politicians’ surrender to the super-rich
Especially relevant when the vast majority of UK politicians, left, right and centre. have shares in big USA tech companies.REGISTER OF LORDS’ INTERESTS.
The quality of economic research from an advocacy organisation with no commitment to the truth as such is about as good as you’d expect.
https://iea.org.uk/media/impractical-outrage-iea-economist-r...
> Oxfam’s perspective is global, but we don’t have a world government, so all wealth taxes would have to be national. Very few countries have wealth taxes of the kind Oxfam seems to be seeking. One which does is France. Its imposition – at much lower rates than Oxfam seems to be advocating – raises comparatively little, and has driven many rich people abroad. And as in any country the super-rich are a vanishingly tiny minority, wealth taxes will inevitably catch people who are very far from being billionaires. The French wealth tax hits assets in excess of just €1.3 million. The most recent figures suggest that, of 350,000 households liable to the tax, 250,000 paid less than €5,000.
> If taxes could be devised which would catch much larger amounts of billionaires’ wealth, how would it be redistributed, with no world government in prospect?
> Without a plausible plan for practical redistribution, the annual Oxfam report has become simply an opportunity for the left’s performative outrage, as pointless in its own way as the World Economic Forum which they bemoan. No political party in Britain should take it seriously and neither should the public.
If you want critique from a committed Democrat look here. https://www.noahpinion.blog/p/oxfam-serves-up-a-lot-of-dodgy...
> 250,000 paid less than €5,000
Let's say it was on average 4,000 just because that is easy to calculate... I'd say 1,000,000,000 Euros more in taxes is not nothing.
Net loss of €2.8 billion not gain of €1 billion.
> The ISF was controversial; critics claimed it drove away wealthy individuals from the country, resulting in financial loss. A report by senator Philippe Marini estimated that 843 people left France in 2006 because of the tax, resulting in a net loss of €2.8 billion.[2][3]
https://en.wikipedia.org/wiki/Solidarity_tax_on_wealth
At least that made the wealth distribution somewhat more equal in France.