#CANADA: New Democrats Propose 1% "Wealth Tax" To Fund Platform Promises

[world politics news]

The New Democratic Party’s proposed wealth tax, a centerpiece of funding the party’s election platform, could raise nearly $70 billion over the next 10 years, Canada’s budget watchdog has found.

The “super-wealth tax,” as the NDP is calling it, is similar to an idea promoted by U.S. Democratic presidential candidate Elizabeth Warren, and is part of the NDP’s campaign focus on tax fairness and inequality.

The party wants to apply a 1% tax to fortunes worth more than $20 million. Unlike a tax on income, a wealth tax would apply to all assets, including real estate, with the aim of reducing economic inequality.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#EGYPT: Parliament To Consider "Temporary" 30% Progressive Income Tax On Businesses

[world politics news]

The Egyptian parliament is drafting a law to impose a progressive tax of at least 30 percent on annual incomes exceeding 1 million Egyptian Pounds, in order to reduce the financial burden on the poor. The bill will be discussed in autumn, according to Legislative Committee MP Moustafa Bakry. Bakry believes that "not too many" businessmen would object to the bill, arguing that the role of “social capital” – the economic benefits of a fair and stable distribution of wealth – was understood by many in Egypt’s business elite, particularly as it encourages social peace in the period of economic reforms.

[FULL STORY HERE]

#CHINA: Chinese Media Reveals: 5 of 10 Wealthiest Chinese Set To Be Delegates to People's Congress

[world politics news]

A Shanghai-based magazine has revealed that 5 of the 10 wealthiest people in China are due to take part in the upcoming National People's Congress and the National Committee of the Chinese People's Political Consultative Conference, reports the China Daily, an official Communist Party paper.