Millionaires group calls for wealth tax | Citypress

Millionaires group calls for wealth tax

2022-01-23 06:40:00 PM

Millionaires group calls for wealth tax

While that spurred more than 130 countries to agree to a deal to ensure big companies pay a global minimum tax rate of 15%, aimed at making it harder for them to avoid taxation, the group said the wealthy still needed to contribute more.

In most countries, aside from a handful in Europe and some recent joiners in South America, the rich do not have to pay annual taxes on assets such as real estate, stocks or artwork because they are taxed only when the asset is sold .Photo: iStockThe group, calling itself the Patriotic Millionaires, said that the ultrawealthy were not being forced to pay their share for the global economic recovery from the pandemic.

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Subscribers can listen to this article In most countries, aside from a handful in Europe and some recent joiners in South America, the rich do not have to pay annual taxes on assets such as real estate, stocks or artwork because they are taxed only when the asset is sold .Photo: iStock The group, calling itself the Patriotic Millionaires, said that the ultrawealthy were not being forced to pay their share for the global economic recovery from the pandemic. Support independent journalism Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism. You can cancel any time.