> There’s a reason wealth taxes are not popular in OECD countries. Well, there are two reasons: the Prisoner's Dilemma, and good old fashioned bribery (or "ca

> There’s a reason wealth taxes are not popular in OECD countries. Well, there are two reasons: the Prisoner's Dilemma, and good old fashioned bribery (or "campaign financing" as we euphemistically call it). Fortunately, however, the recent agreement for a global minimum corporation tax rate[0] shows that major economies can sometimes solve the coordination problem needed to avoid the "race to the bottom" that capitalists try to impose on nation states. A modest proposal would be that the top 1% of wealth holders in the world would have to pay a 1% annual tax to their country of residence. The WTO could be tasked with determining the true wealth of any multi-millionaires who bribe national officials into under-reporting their holdings. Any country that defects from this agreement, and any multi-millionaire who hides in one of those countries, would be met with sanctions and treated like the corrupt oligarch that they are. [0] https://en.wikipedia.org/wiki/Global_minimum_corporate_tax_rate https://en.wikipedia.org/wiki/Global_minimum_corporate_tax_r...