There is no global wealth tax authority – so this requires all governments to enact a global wealth tax. Also, due to dramatic differences in currency values/costs between countries, the value of one $ in the US in terms of what it can buy, is a lot less than what it might buy, in say, Argentina – and this seems likely to result in wealth flowing to other countries.
Global wealth tax on ultra-rich ‘would raise up to $250bn a year’ (msn.com)
One economist says this would gradually “impoverish” the world (see quote inside the article) as money is withdrawn from productive uses and handed over to governments. Of course, there are many who want to do that – many climate activists argue we must make life less pleasant. That type of thinking is not politically supportable, which is also, perhaps, why many are calling for an end to democracy and rule by a technocratic expert class (basically, global communism). I wish I was joking – I collected the various proposals – from experts – and there are serious people saying those things: Climate: What Experts Say We Must Do – Coldstreams.
