As the World Economic Forum met in Davos, Switzerland, a network of nonprofits released a report, “Taxing Extreme Wealth.”
To discuss the findings of the report, Omar Ocampo joined Harrison’s Reality Check on KPFK Radio. Ocampo explains the wealth tax proposed in the report, who the wealth tax would target, and what could be accomplished with the revenue.
Among the findings:
- There are 2,660 billionaires with a total combined wealth of $13.76 trillion.
- An annual wealth tax applied to the world’s richest people would raise $2.52 trillion a year (with a graduated rate structure: 2 percent tax on wealth over $5 million; 3 percent on wealth over $50 million; 5 percent on wealth over $1 billion).