Portugal's Left Party proposes introducing an “Elon Musk tax”

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Portuguese party Left block suggested estimate the fortune at more than three million euros with a new type, which will be called “Elon Musk Tax” regarding South African billionaireowner Tesla, X or SpaceX.

Left Bloc Coordinator, Mariana Mortaguapresented the proposal this Monday at a press conference at the party’s headquarters in Lisbon and said that it would make Portugal’s tax system “more fair”, the Portuguese newspaper reported. “News Diary”.

Mortagua recalled that three million euros represent “equivalent to 3500 minimum wages” and argued that this figure should include all personal assetsincluding “furniture, financial assets and crypto assets.”

This is not a tax on the entire population, but a tax on the minority of minorities who own most of the wealth and contribute to an economy of inequality. This is a small contribution.

We admire “small” states that free themselves so much, never or only when it is necessary to inject thousands of euros into the financial sector. When we talk about a state, it is not the size that matters, but what it serves. pic.twitter.com/Ln2nRxnom2

— Mariana Mortagua (@MRMortagua) November 10, 2024

Tthat would be 1.7 percent from three to five million euros and from 2.1 percent from five to 10 million euros. Above this level it will be 3.5 percent.

It will also include tax on companies providing digital services with a business volume exceeding 750 million euros “who use the data of each of us as users to sell and monetize through advertising.” The rate in this case will be 3 percent of income.

Mortagua also criticized “excessive and disproportionate weight” of indirect taxes such as VATa “regressive” tax that disproportionately affects the poorest. For this reason proposes to reduce the reduced rate from 6 to 5 percent. and from 13 to 12 percent of the average VAT rate.

(Europe Press)

Source: Aristegui Noticias

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