A small one-off levy on wealth would be a much fairer way of paying for the Covid recession
A funny thing happened in Buenos Aires last Friday: parliamentarians there voted by a chunky majority to slap super-rich Argentines with a tax to pay for the economic damage done by Covid. Anyone sitting on wealth of over 200m Argentinian pesos (£1.8m) will have to pay a one-off levy that the government hopes will raise billions to buy medical equipment, support small business, and help poor neighbourhoods. The so-called “millionaire’s tax” was a remarkable move that has been noted around the world, along with the justification provided by one senator: “We must find points of connection between those who have the most to contribute and those who need it.”
Like Argentina, during this pandemic the UK has suffered a huge loss of life, a historic hit to GDP and a sudden acceleration of already-sharp inequality. Even with the dispensing of vaccines that with any luck will mark the beginning of the end to this health emergency, it is clear that its social, political and economic fallout will be with us for years to come.
Read the original article at The Guardian