After World Wars I and II, European nations and Japan embraced one-off wealth taxes to fund reconstruction. Also in December, struggling Bolivia passed a longer-term wealth tax hitting anyone with more than $4.3 million. In Bolivia, South America’s poorest country has gone beyond talk, adopting a standing wealth tax in December. But wealth taxes are notoriously tricky to get right, and they have a history of deeply negative side effects that can seriously undermine their intent. A decade ago, 12 of the world’s most-developed countries had wealth taxes on the books.

Source: Washington Post February 19, 2021 21:57 UTC