CURRENT AFFAIRS

Detailed explanation-1: -Notes: US President Joe Biden has announced more conventional proposed rate hikes on the income of large corporations and the wealthiest Americans, similar to a ‘Wealth Tax’. This new tax would apply to people with over $1 billion in assets or $100 million in income for three straight years.

Detailed explanation-2: -Switzerland: A progressive wealth tax that varies by residence location. Most cantons have no wealth tax for individual net worth less than SFr 100000 (approx. US$100, 000) and progressively raise the tax rate on net assets with a top rate ranging from 0.13% to 0.94% depending on canton and municipality of residence.

Detailed explanation-3: -The most notable countries that currently have a wealth tax are Spain, Norway, Switzerland, Belgium, Argentina, Netherlands, and Italy. India had a wealth tax from the late 1950s to 2015, when it was abolished by former finance minister Arun Jaitley.

Detailed explanation-4: -Net wealth/worth taxes At this point of time, no wealth taxes are levied in Germany.

Detailed explanation-5: -1 The comparative neglect of wealth taxes was likely due to their waning importance. Only three OECD nations still levy a wealth tax that covers real estate as well as financial wealth: Norway, Spain, and Switzerland.