A Wealth Tax Won't Solve Britain's Fiscal Problems
Wealth taxes have a patchy record of success and have been abandoned by most countries that tried them. France is the most recent example, dropping its levy in favor of a real estate tax in 2018. Only four of the 38 countries in the OECD still impose one – Norway, Spain, Switzerland and Colombia. Yet the idea is gaining renewed global momentum, helped by the work of French economist Gabriel Zucman, whose blueprint for a 2% global minimum tax on billionaires was endorsed by the G-20 under Brazil's presidency last year.
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