Macroeconomics: UK economy, IB Economics

Larry Elliott looks at the proposal to introduce a global wealth tax of 2%, introduced to a G20 Finance Meeting by Brazil.

He argues that, of course, it will be heavily opposed, but given lower average tax rates being paid by the super-rich, it seems to have more traction than other, similar moves. Apparently, wealthy Americans only pay 8% tax on their incomes, whereas the Biden administration thinks that they should be paying closer to 25%. 

However, there's an awful lot of ground to be covered before such a tax becomes reality.