An EU-funded think tank is now pushing for a global minimum wealth tax of 2% as the “logical next step” after Sunak’s favourite global minimum corporation tax. The EU Tax Observatory gets €1.2 million annually directly from the EU and is run by high-tax ultra Gabriel Zucman who is obsessed with tax havens. It wants governments to initiate talks at the G20 summit in Brazil in November 2024. Wealth taxes were previously standard across Europe but were all scrapped because they failed…

Jacob Rees-Mogg led the charge against the minimum corporation tax this year and tells Guido “taxation is a national not a multi-national responsibility. The EU is always looking for ways to extend its powers and this is another example“. The difference between death and taxes is death doesn’t get worse every time the bureaucrats get together…

The ASI’s Duncan Simpson says that wealthy people obviously “don’t have piles of cash just sitting around” and would have to sell tied-down assets to pay the tax. Instead of doing that they “will simply leave, taking their money with them and ultimately reducing tax receipts“. Sunak will probably be interested…