Wealth taxes may become a necessity as AI eliminates opportunities for employment. But it still feels wrong, since it is basically a retroactive tax on what people have worked for and earned already. The rates and thresholds really matter for it to be fair.

> The rate starts at 1.7% for those with net wealth of €3m, rising to 3.5% for fortunes over €10m. It is payable on worldwide assets.

An almost 2% rate on wealth of less than 10M feels wrong to me. These are mostly people who have worked hard to become rich and it is taking away what they deserve IMO, after they already worked for it under one set of rules. I feel like the thresholds should be more like 100M and above. Also it doesn’t seem appropriate to tax worldwide assets. Why should Spain have any claim to someone’s assets in some other location entirely, especially for this type of retroactive wealth tax?

Original title, please edit: How Spain put up wealth taxes - without chasing away the billionaires

"What is clear is that, two years on, a predicted exodus of the rich, trumpeted in endless alarmist headlines, has not materialised. Forbes counted 26 Spanish billionaires in 2021. This year, it lists 34, with a combined net worth comfortably over $200bn."

"So far, there is no sign that it has affected growth. Spain was the world’s fastest-expanding major advanced economy last year, outpacing even the US, with GDP up 3.2%. By contrast, growth in the UK and France last year barely scraped above 1%."

"Wealth taxes are designed to take a percentage of a person’s assets each year."

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