Elon Musk once asked for proof that his wealth could help solve world hunger.
In reality, a global wealth tax could not only fight world hunger but potentially end poverty as we know it 🧵
In reality, a global wealth tax could not only fight world hunger but potentially end poverty as we know it 🧵
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• 2% on wealth between $5 million and $50 million
• 3% on wealth between $50 million and $1 billion
• 5% on wealth over $1 billion
The world could raise $2.5 trillion every year, per a report by the Institute for Policy Studies.
➡️ Lift 2.3 billion people out of poverty
➡️ Create enough vaccines for the whole world
➡️ Deliver universal health care and social protection for all the citizens of low- and lower-middle-income countries
It would cost, on average, $901 per person to lift them out of poverty.”
In 2020, the finance gap for achieving universal social protection coverage and health care for low- and lower-middle-income countries was $440.8 billion.”
That amount alone could lift more than 17 million people out of poverty.
In it, an annual tax rate of 10% would raise closer to $3.6 trillion a year.
In the US alone, it would raise $1.34 trillion.