Key Global Taxes Explained: Carbon, Digital, Sin, and More
Here are some of the different taxes that are present apart from the regular taxes that we pay to the government in our respective countries: 1. Super-Rich Tax Definition: A tax targeting individuals with extremely high wealth or income, often through wealth taxes or additional income tax surcharges. Purpose: Reduce income and wealth inequality, raise revenue for social programs. Examples: France proposed a “Zucman tax” on billionaires. U.S. proposals include a Billionaires Income Tax Act and state-level wealth taxes. Key Point: Effective rates for the ultra-rich can exceed 45–60% when considering global taxes, though loopholes allow avoidance strategies like foundations and offshore accounts. [truthout.org] , [taxfoundation.org] , [trp.tax] 2. Pigouvian Tax Definition: A tax imposed on activities that create negative externalities (costs to society not borne by the producer/consumer). Purpose: Internalize social costs and correct market inefficiencies. Examples:...