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The original was posted on /r/worldnews by /u/PjeterPannos on 2023-10-24 11:28:01.
Billionaire tax needed to tackle inequalities, says EU research group
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
The measure would affect fewer than 3,000 individuals, but the group says the revenue could help governments to invest in key areas such as health care, education, and climate policies.
Other evasion techniques can fall into a legal grey zone, such as the use of shell companies to gain favourable tax treatment.
A vicious cycle of tax avoidance then begins, as foreign investment encourages these states to continue implementing low rates.
Another means of dodging the minimum rate are tax credits, given to companies for activities such as conducting research and investing in local factories.
Offshore tax evasion has fallen in the last decade, partially thanks to the automatic exchange of bank information between countries.
Today, offshore household wealth accounts for the same proportion of global GDP, but the Observatory estimates that only around 25% of it evades taxation.
The original article contains 491 words, the summary contains 139 words. Saved 72%. I’m a bot and I’m open source!