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Should billionaires pay more tax? Californians will vote on whether to introduce a billionaire tax in November. In the United Kingdom, economists recently called for a net wealth tax on assets over £10 million (about A$19 million).
Australia may seem absent from the debate, but it shouldn’t be. The same question confronting other countries applies here too: should people with extraordinary wealth contribute more tax, and if so, what’s the best way to achieve it?
How do billionaires accumulate wealth? To answer that question, it’s first important to understand that people with substantial wealth accumulate it differently from most Australians.
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