Could a new tax revolution be on the cards that will end the long era of low taxes for the super-rich? We don't know yet, but in the United States, the battle lines are being drawn.
The newly elected US Congressman Alexandria Ocasio-Cortez made headlines recently when she proposed a top marginal tax rate of 70 per cent on incomes of US$10 million (S$13.5 million) or more. The left-of-centre US politician and presidential candidate, Senator Elizabeth Warren, proposes a 2 per cent "ultramillionaire wealth tax" on people with a net worth of US$50 million and an additional 1 per cent on those worth more than US$1 billion. This tax would be levied on the combined value of all assets, including financial assets and real estate held both within and outside the US.