Taxing great wealth to finance the ecological and social transition.

Something I can subscribe to. And you?

While the Union’s objective is to promote the well-being of its peoples, combat social exclusion, guarantee social justice and social protection (Article 3 TEU) and its institutions have undertaken to ensure greater fairness, in particular in terms of taxation, inequality has grown steadily, to the point where, today, the richest 1% of the world’s people own almost half of the world’s wealth, and this 1% also produces more CO2 emissions than the poorest half of the world’s population.

In order to address these challenges, there is an urgent need to fundamentally redirect the European Union towards a just and democratic climate transition. Several recent European initiatives in response to the climate crisis, the COVID pandemic and the war in Ukraine have begun to guide EU policies in that direction (the Green Deal, RRF, SURE, etc.). This initiative proposes that these ecological and social transition policies be shored up over the long term through the establishment, on the initiative of the European Commission, of a tax on great wealth. A number of studies, including the one carried out recently by the World Inequality Lab, have shown that such a tax would help to speed up the fight against climate change and inequality. It would contribute to the European Union’s own resources, generating revenue that would enable the EU to co-finance the ecological and social transition policies pursued by the Union and its Member States, taking account of their objective situation.

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