Argentina passes Corona wealth tax on super-rich

Gold bars

A BBC report this week announced that Argentina has enacted a Corona wealth tax, similar in principal to that proposed by the Workers Party of Britain.

According to the report:

“Argentina has passed a new tax on its wealthiest people to pay for medical supplies and relief measures amid the ongoing coronavirus pandemic.

“Senators passed the one-off levy – dubbed the ‘millionaire’s tax’ – by 42 votes to 26 on Friday.”

Reports from international media noted:

“The lower house of Argentina’s congress on Tuesday began debating a bill seeking to raise 300 billion pesos ($3.75 billion) through a tax on large fortunes to finance programmes aimed at helping families hit by the Covid-19 pandemic.

“People with more than $2.5 million – about 12,000 individuals – would get hit by the 2% flat tax. The levy would increase progressively as equity increases, under the proposal.”

Britain needs a #CoronaTax

The Workers Party of Britain has been advocating for a Corona tax on the wealthiest in our society to help save jobs, protect industry and shift the burden from the poor to the rich.

It is estimated that the UK has 4,640 ‘ultra-high net worth individuals’, with personal wealth in excess of £80m each. 

A one-off 5% tax on these individuals alone would see the richest 4,640 people in our society contribute more than £17 billion to the Treasury – money that could be spent on proper jobs, decent pay, renewed infrastructure, social housing and frontline healthcare.

This won’t fix all of workers’ problems, but it is clear that an immediate, short-term measure is needed if we are to protect huge numbers of workers from falling off a financial cliff-edge in the near future.