If the United States implemented a net wealth tax of five percent on wealth over one billion U.S. dollars, and two percent on wealth between five million and one billion U.S. dollars, it is estimated that the country could add another 446 billion dollars to its national budget. This equals over seven percent of the estimated current tax revenues. By comparison, it is estimated that a similar wealth tax in India would add 14 percent of its current tax revenue to the national budget.
Estimated revenue-raising potential of a net wealth tax (NWT) in India, Nigeria, the United States and France from 2019 to 2021, compared to estimated current tax revenue (in billion U.S. dollars)*
Characteristic
Estimatet NWT revenue
Estimated current tax revenue
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*The estimates were made using a calculation where wealth of over one billion U.S. dollars was taxed five percent, and wealth between five million and one billion U.S. dollars was taxed two percent.
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Oxfam. (January 16, 2023). Estimated revenue-raising potential of a net wealth tax (NWT) in India, Nigeria, the United States and France from 2019 to 2021, compared to estimated current tax revenue (in billion U.S. dollars)* [Graph]. In Statista. Retrieved August 31, 2024, from https://www.statista.com/statistics/1459935/world-potential-wealth-tax-revenue-country/?session=d83e62dbb52df5f3872e845c6835ac99
Oxfam. "Estimated revenue-raising potential of a net wealth tax (NWT) in India, Nigeria, the United States and France from 2019 to 2021, compared to estimated current tax revenue (in billion U.S. dollars)*." Chart. January 16, 2023. Statista. Accessed August 31, 2024. https://www.statista.com/statistics/1459935/world-potential-wealth-tax-revenue-country/?session=d83e62dbb52df5f3872e845c6835ac99
Oxfam. (2023). Estimated revenue-raising potential of a net wealth tax (NWT) in India, Nigeria, the United States and France from 2019 to 2021, compared to estimated current tax revenue (in billion U.S. dollars)*. Statista. Statista Inc.. Accessed: August 31, 2024. https://www.statista.com/statistics/1459935/world-potential-wealth-tax-revenue-country/?session=d83e62dbb52df5f3872e845c6835ac99
Oxfam. "Estimated Revenue-raising Potential of a Net Wealth Tax (Nwt) in India, Nigeria, The United States and France from 2019 to 2021, Compared to Estimated Current Tax Revenue (in Billion U.S. Dollars)*." Statista, Statista Inc., 16 Jan 2023, https://www.statista.com/statistics/1459935/world-potential-wealth-tax-revenue-country/?session=d83e62dbb52df5f3872e845c6835ac99
Oxfam, Estimated revenue-raising potential of a net wealth tax (NWT) in India, Nigeria, the United States and France from 2019 to 2021, compared to estimated current tax revenue (in billion U.S. dollars)* Statista, https://www.statista.com/statistics/1459935/world-potential-wealth-tax-revenue-country/?session=d83e62dbb52df5f3872e845c6835ac99 (last visited August 31, 2024)
Estimated revenue-raising potential of a net wealth tax (NWT) in India, Nigeria, the United States and France from 2019 to 2021, compared to estimated current tax revenue (in billion U.S. dollars)* [Graph], Oxfam, January 16, 2023. [Online]. Available: https://www.statista.com/statistics/1459935/world-potential-wealth-tax-revenue-country/?session=d83e62dbb52df5f3872e845c6835ac99
