06 Jul '12, 4pm

Should Billionaires Be Forced to Pay a 1% Tax for International Development?

Should Billionaires Be Forced to Pay a 1% Tax for International Development?

With nations falling short on their development pledges, the UN has proposed a number of methods for raising money for international development aid. Some of these are fairly routine, in theory if not yet practices, such as carbon taxes, levies on air travel, currency transaction taxes. But one in particular is interesting: Taxing the world's billionaires. IPS News reports that the UN's World Economic and Social Survey: In Search of New Development Finance recommends a 1% tax on each billion dollars of wealth, which would raise more than 400 billion dollars annually for development assistance—more than closing the international 167 billion shortfall in aid and equalling the amount the UN says is needed each year to help nations meet the Millennium Development Goals as well as adapt to climate change . So what do TreeHugger readers think: Let's assume the logistics of such ...

Full article: http://www.treehugger.com/environmental-policy/should-bil...

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