What we managed to achieve for the multinationals, we must do now for the rich, it is read. In particular, in the ideas of the two promoters the tax should aim at reduce inequalities and help finance the investments needed for the ecological and social transition. This is first of all because, as reported in the first few lines, from 2020 to today, while the richest 1% of the Earth has hoarded almost two thirds of the wealth produced, increased extreme poverty and the wages of nearly two billion people still cannot keep pace with inflation. For this reason, Lalucq and Zucman urged the OECD, the United Nations and the EU itself to take action, however specifying that the exact contours of the measure should be defined collectively and democratically.
To outrage the signatories of the initiative, for example the fact that Elon Musk, the second richest man in the world at the time, didn't pay a dime in federal taxes in 2018 or what in France, a country known for its high level of taxation, the 370 richest families are taxed only around 2%-3%. How did all this come about? Simply because very wealthy people can use elaborate tax arrangements to minimize their tax rates – reads the article – which is not possible for ordinary families, but also because countries have progressively abandoned the taxation of wealth and capital.
It goes without saying that this sort of global patrimonial - which incidentally would be welcomed by the 102 super rich who last year wrote an open letter to governments asking them to levy more taxes - currently represents nothing more than a warm appeal to policy makers. Path to follow: precisely that of the aforementioned Global minimum tax. Everyone kept saying it was impossible, recall Laluq and Zucman. But it finally came true. Unfortunately for the MEPs who subscribed to the article, however, with rare exceptions the direct power of legislative initiative within the EU belongs exclusively to the Commission. Only following the eventual presentation of a formal proposal by Palazzo Berlaymont will they therefore be able to make their consent to the hypothesis concretely weigh.