The EU Wants a New Global Wealth Tax - Here's Why It Will Fail

The European Union and other organizations, such as the OECD, love finding new ways to tax people. They hate it when people find ways to avoid taxes.

In a recent report, an EU body claims that billionaires pay an average tax rate of only 0.6%. To counter this, they want a global tax deal for wealthy individuals, similar to the recent agreement on minimum corporate taxes. They propose charging a 2% wealth tax on the world's richest 3,000 people.

Much like the global minimum corporate tax, CRS, and FATCA, it will be impossible to enforce and may never get off the ground.

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