INTERNATIONAL: Member Gio Notarbartolo spoke alongside MEP Aurore Lalucq at the Italian Senate, on the release of the The TaxTheRich agenda for Italy - Manifesto of Italian economists.
In partnership with Oxfam Italy, The Tax The Rich agenda for Italy - Manifesto of Italian economists was signed by 134 Italian economists from 50 universities propose a tax on large assets, targeting the wealthiest 0.1% of citizens with net assets exceeding 5.4 million euros. This initiative aims to enhance the fairness of Italy's tax system, ensure fiscal sustainability, and provide resources for sustainable growth and climate change policies. The economists advocate for a progressive tax on large inheritances and donations to reduce the favorable treatment of inherited wealth. Similar proposals have gained traction in other countries, with French and German finance ministers also supporting wealth taxes on the super-rich.
The call for increased taxation on extreme wealth comes amidst global discussions on wealth redistribution and tax reform. Initiatives such as US President Biden's proposal to tax incomes exceeding $100 million and a European Union plan for an annual 2% tax on assets over 1 billion euros reflect a growing recognition of the need for fiscal justice. Surveys have shown support for these measures among millionaires, highlighting a broader acknowledgment of the societal risks posed by widening economic disparities. Advocates argue that taxing extreme wealth is not only a matter of economic necessity but also a fundamental aspect of social responsibility and democratic stability.
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