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Fiscal Patriotism of Billionaires as Social Solidarity
Andrushchenko V. L.

Andrushchenko, Volodymyr L. (2023) “Fiscal Patriotism of Billionaires as Social Solidarity.” Business Inform 8:211–216.
https://doi.org/10.32983/2222-4459-2023-8-211-216

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 336.226.22

Abstract:
Taxation of the rich and wealth are among the hot topics of public interest. Using specific examples, the article highlights the latest initiative of a group of American multimillionaires to increase the level of tax rates for this super-rich category of taxpayers. Such an initiative can be considered a solidarity tax. Accordingly, the task was set to characterize the quantitative indicators of this initiative. The article is motivated by the striking fact that 400 American multi-billionaires possess a combined wealth worth 4.000 billion U. S. dollars! The role of the method of studying the problem was performed by the analysis of quantitative parameters and fiscal and administrative features of taxation of the rich. First of all, the results of the study consist in the interpretation of the multi-component concept of wealth as an object of taxation. The impossibility of a general income and property tax has been disclosed, such a tax exists only as an unrealized project. The fiscal and administrative reasons for the refusal of inheritance tax in 21 countries, including Austria, Canada, Sweden and Israel, are clarified. The arguments that property taxes harm the processes of creation of wealth and capital are presented, in connection with which in the United States the share of property taxes in the total amount of tax revenues has decreased from 42% to 14% compared to the beginning of the twentieth century. The most significant fiscal potential for strengthening taxation of the rich is found in taxes on income and profits. A quantitative and institutional analysis of existing wealth taxes in Norway and Switzerland is carried out. A serious fiscal-administrative problem with wealth taxes is the valuation of taxable assets. As for further research, wealth taxes have inexhaustible scientific and practical potential. The article substantiates the relevance of research on similar topics in Ukraine.

Keywords: taxes on wealth and estate, solidarity tax, property taxes.

Bibl.: 10.

Andrushchenko Volodymyr L. – Doctor of Sciences (Economics), Professor, Professor, Department of Tax Administration, State Tax University (31 Universytetska Str., Irpin, Kyiv region, 08205, Ukraine)
Email: [email protected]

List of references in article

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Rosen, H. S., and Gayer, T. Public Finance. McGraw-Hill Education, 2014.
“Net wealth/worth tax rates“. https://taxsummaries.pwc.com/quick-charts/net-wealth-worth-tax-rates
Andrushchenko, V. L., and Tuchak, T. V. Patriotyzm, solidarnist i spravedlyvist v opodatkuvanni [Patriotism, Solidarity and Justice in Taxation]. Kyiv: VD «Kondor», 2022.
Sullivan, K., and Mattingly, Ph. “Biden has released his $6 trillion budget. Here's what's in it“. CNN.politics. May 28, 2021. https://edition.cnn.com/2021/05/28/politics/biden-budget-proposal/index.html
McCloskey, E. “Earth to Davos! Tax the Rich“. https://patrioticmillionaires.org/2022/05/25/earth-to-davos-tax-the-rich/
“Patriotic Millionaires“. https://patrioticmillionaires.org
“Patriotic Millionaires University“. https://pmuniversity.org/
Shaxson, N. Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens. St. Martin's Griffin, 2012.
“G7 finance ministers come to agreement on global corporate tax rate“. https://www.euronews.com/2021/06/05/g7-finance-ministers-come-to-historic-agreement-on-global-tax-reform

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