Euro Commission Registers Initiative for Introducing a 1% Wealth Tax in the European Union

The European Commission has registered an initiative proposing the introduction of a 1% wealth tax in the European Union.

The idea has been put forward by a group of economists, activists, and millionaires who identify themselves as the European Citizens’ Initiative. The organizers are urging the Commission to establish a unified European wealth tax for the sake of environmental and social well-being. The initiative’s primary objective is to contribute to the fight against climate change and inequality in both the EU and developing countries, ensuring that European citizens make their fair share of contributions toward these goals.

To compel the European Commission to respond, the initiative must gather at least one million signatures from a minimum of seven EU member countries. If the one-million signature threshold is met, the European Commission will be obliged to either create corresponding legislation or provide a well-grounded refusal to the initiators.

It is noteworthy that only nine initiatives have managed to collect a million signatures throughout the history of the European Union.

Therefore, even if the European Citizens’ Initiative succeeds in gathering a million votes, which seems quite likely, the implementation of the tax will not become a reality anytime soon.

Nevertheless, the issue of inequality in the EU is currently a pressing one, and many countries are attempting to address it at the local level. According to official data, the top 1% of the wealthiest Europeans own a fortune that is 4.5 times greater than the combined wealth of 90% of EU citizens.