Growing Wealth Inequality in Europe Sparks Calls for Higher Taxes on the Rich | Watch - video Dailymotion

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Inequality in Europe has been rising, with the rich getting richer and more people falling into poverty. Also rising: frustration. Now, even wealthy people are calling for higher taxes. They're saying there are plenty of reasons, some selfish and some altruistic, to increase the tax burden on the top one percent.    #WealthInequality #Europe #TaxTheRich #IncomeGap #Poverty #EconomicJustice #HigherTaxes #Top1Percent #SocialJustice #RichGettingRicher #TaxReform #EconomicDisparity #WealthDistribution #PublicFrustration #Inequality

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00:00We're going to increase salaries, restore the wealth tax, and make education free.

00:05The wealth tax.

00:07President Emmanuel Macron abolished it in 2018.

00:10And France's new left-wing coalition party wants it back.

00:15They're not the only ones.

00:16So do members of Tax Me Now, an initiative of wealthy people working for tax justice

00:23in Germany, Austria, and Switzerland.

00:27One of these wealthy people is Sebastian Klein, who became a multi-millionaire after

00:31selling one of his businesses.

00:36We have all these privileges and we want to use them to raise awareness and to say, we

00:41think something's wrong in society and we think it should be changed.

00:45Germany and France are just two of several EU countries that have no wealth tax at all.

00:52This has contributed to a widening gap between the rich and the working class.

01:00In Europe, the top 10% of the population own nearly 70% of the wealth, while the bottom

01:07half possess only 1.2% of it.

01:11Klein says this needs to change.

01:14And doing so would fill deficits in Germany's budget.

01:19The German government always talks about, we don't have money for better schools.

01:23We don't have money for better railways.

01:25We don't have money for this and that.

01:27Just taxing the really rich people just slightly more will increase the amount of money the

01:32government would have per year.

01:35Klein argues that growing inequality across Europe also harms those at the very top.

01:41Many of these rich people, they depend on a qualified workforce in the future.

01:46And if you don't make sure that many people in the society have the option of thriving

01:52and getting qualified and building a small wealth, then that's also going to harm all

01:58the companies.

01:59And it's, of course, also going to harm the people who own the companies.

02:02Klein has already pledged to pass on 90% of his wealth.

02:06He's actively encouraging fellow millionaires to follow suit.

02:16Learn more at cliftonstrengths.org

Growing Wealth Inequality in Europe Sparks Calls for Higher Taxes on the Rich | Watch

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