Targeting the Richest 1%: The Proposed Millionaires Tax Explained

2024-03-08 07:50:00

According to her, this proposed new millionaires tax targets the assets of the richest 1%. “The richest 1% own a quarter of total wealth. We believe it is important to only target the upper tier of the richest, and not the middle class. This is why the millionaires tax is aimed at 1% richest, whose assets amount to 5 million euros or more. 99% of the population does not have assets of 5 million euros at all and will pay nothing,” added Ms. Merckx.

The communists’ proposal also provides for a tax rate of 2% on net assets between five and ten million euros, and 3% on assets greater than ten million euros. According to the PTB, the gross proceeds of the millionaires’ tax represent 2% of the total wealth of the richest 1%.

The party also ensures that it takes into account possible capital flight, tax evasion or fraud when calculating revenues of 8 billion euros.

This announcement comes two days before the PTB electoral congress, scheduled for Sunday in Brussels.

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