Billionaire tax – level 1

Billionaire tax

27-10-2023 15:00

A report says that countries should make a new law about taxes.

This law would make rich people pay higher taxes. This law would give the countries 250 billion dollars every year. 2,700 world billionaires have 13 trillion dollars. So it is fair that they pay more. Right now, these rich people do not pay much in taxes. They hide their money in companies or other countries. This is a big problem. The tax system does not work well.

In the US, rich people pay around 0.5% in taxes. In France, they pay even less. Some people say that this is not fair. There are more and more rich people.  They should help with big problems like climate change and the COVID-19 pandemic.

Difficult words: tax (money to the government), billionaire (a person who has at least a billion pounds, dollars, or other money), hide (to keep something secret).

You can watch the original video in the Level 3 section.

What potential consequences would implementing this new law have on the economy?

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