The Case for a Wealth Tax

Categories: Economic Transition
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Published: 9 July 2024
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The European Union face numerous crises – social, health, environmental, economic and climate – which are all interrelated and symptomatic for the failure of our economic system which is largely profit driven and not fit for the future. Climate and environment are collapsing while inequality and injustices have been massively aggravated, to the detriment of the weakest.

To meet the challenges ahead, it is urgent to fundamentally reorient the European Union towards a just and democratic climate transition.

One way out could be the introduction of an EU wide wealth tax on Europe’s richest individuals. Studies have shown that such a tax could combat the climate crises while reducing inequalities. It could also tackle gender racial inequalities as its often women and other vulnerable groups who have lower levels of wealth due to gender roles, pay and pension gap, unequal distribution of unpaid and paid care work and limited inheritance. Furthermore, such a tax could raise the financial resources needed to close the EU green and social spending gap.

The Case for a Wealth Tax
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