Let’s make wealth tax a reality: urgent call for greater social and climate justice

Support a tax on the rich to generate revenue for social policies, ecological transition and development cooperation!

Two and a half months - that's all the time we have left to have a chance to turn the European wealth tax from a vision into a reality. The urgency is palpable: our European citizens' initiative, which aims to fairly tax the ultra-rich to finance the ecological and social transition, has already gathered over 250,000 signatures. But time is running out. Each day becomes increasingly precious as we strive to reach our ultimate goal of one million signatures. Fortunately, momentum in favor of taxing the wealthy seems to be growing. But before we delve into that, let's revisit the core question: why do we really need a European wealth tax?

Social and Climate Justice: Two Sides of the Same Coin

We believe most tax systems in Europe deliberately favor the wealthiest, creating a norm of implicit privilege. In almost every European country, the tax burden on the richest individuals has steadily decreased over time. In the past thirty years, wealth taxes have been abolished in all but one EU country - Spain, where a federal wealth tax still exists.

Citizens are at the forefront of experiencing and witnessing these growing inequalities. According to the Eurobarometer survey on fairness and inequality, 81% of the population believes that income disparities in their country are too great, and 78% think their government should do more to tackle these inequalities. It's high time to reverse this trend, not only for the sake of democracy but also for economic efficiency.

Simultaneously, the European Union faces the pressing challenge of climate change. Based on the European Climate Risk Assessment, Europe is warming twice as fast as the global average, leading to more frequent extreme weather events that disproportionately affect the most vulnerable populations. Paradoxically, these groups contribute the least to greenhouse gas emissions. The richest 1% globally emit more CO2 than the poorest 66%, who are most affected by climate change. Clearly, climate justice cannot be achieved without social justice. We urgently need to rebalance responsibility to ensure a just and democratic climate transition.

A wealth tax would generate significant revenue to fund social policies, the ecological transition and development cooperation. Europe's transition to a carbon-neutral economy and meeting its climate targets by 2030 will require huge investment, estimated by the European Commission at an additional €260 billion a year. While these figures may rightly seem enormous, they are actually less than what a tax on the ultra-rich could yield.

In fact, a study published in April 2024 by Oxfam revealed that EU governments are losing out on more than €286 billion annually by not taxing the wealthiest Europeans proportionately. This amount is comparable to Finland’s GDP and represents €33 million in uncollected tax revenue every hour. A wealth tax is not only necessary but also fair, ensuring that the burden of the green transition does not fall on average and poor households.

From Vision to Action: Paving the Way for a European Wealth Tax

This context prompted us to launch a European citizens' initiative, a remarkable tool allowing one million EU citizens to ask the European Commission to propose new legislation on a specific issue. We have formed a group of organisers from seven Member States, encompassing various political, trade union and civil society backgrounds, as well as associations of millionaires. The main signatories include:

• Paul Magnette (Leader of the Socialist Party - Belgium)
• Aurore Lalucq (Member of the European Parliament, Place Publique – France)
• Thomas Piketty (Economist – France)
• Marlène Engelhorn (Multimillionaire, Tax Me Now – Austria)
• Lars Koch (Secretary General of Oxfam Denmark)
• László Andor (Secretary General of FEPS – Hungary)
• Conny Reuter (Global Coordinator of the Progressive Alliance – Germany)
• Patrizio Lainà (Chief Economist at the Finnish Confederation of Professionals STTK – Finland)

Paul Magnette and Aurore Lalucq present in front of the European Commission before submitting the European Citizens' Initiative.

Our first challenge was to get the Commission to accept our initiative. To achieve this, we collaborated with various experts to develop a robust and detailed legal argument. After over a month of waiting, the Commission agreed to register our project, which is an important and encouraging step, signaling that realization is possible with broad citizen mobilization. Just as we established the minimum tax on multinationals and the tax on super-profits at the European level, we now have a clear path to demand the implementation of a wealth tax on individuals for greater social and climate justice.

The Time is Now: Capitalizing on Growing Support for a Wealth Tax

Fortunately, the current context is clearly in our favour and the proposal we are defending is gaining ground in the public debate. It responds to numerous recent calls from citizens, civil society, economists, scientists and even elected representatives.

Even before our initiative was submitted, more than 130 Members of the European Parliament, supported by numerous economists such as Joseph Stiglitz and Gabriel Zucman, had called for the implementation of a progressive international tax on extreme wealth through an op-ed published in the French media Le Monde and signed by each of them. Since then, the momentum has grown, and public opinion seems increasingly convinced of the need for such a tax.

Raphaël Glucksmann (French MEP), Paul Magnette, and Aurore Lalucq (French MEP) distributing flyers in Charleroi, Belgium, accompanied by volunteers.

Recent surveys conducted by Ipsos for Earth4All show growing public support for major tax reform. The results show that 68% of respondents in 17 countries are now in favour of a wealth tax as a means of financing significant changes to our economy and way of life, with only 11% opposed. The idea of taxing the ultra-rich has even made its way to the G20, where several countries support it, starting with Brazil, which has made it one of its priorities as part of its presidency in 2024.

In Europe, we have benefited from the work of partner organisations that have gradually brought this issue to the forefront of discussions. For example, in early April 2024, Oxfam, Avaaz and WeMove Europe jointly led an action using an inflatable private jet in front of the European Parliament to protest against the EU's inaction regarding "Europe's richest and biggest polluters". Such mobilisations, along with numerous conferences and workshops on the development of fairer taxation, attract media and public attention. This interest is crucial, as it helps us to spread our initiative to a more committed and receptive public. 

Avaaz, WeMove Europe and Oxfam, alongside a group of climate activists, land a private jet outside the European Parliament during a plenary session on April 11, 2024.

Both online, through newsletters and social media, and offline, through street campaign work, it's now up to us to take advantage of the context and gather as many signatures as possible.

Join the Movement: Help Us Reach One Million Signatures!

To succeed, we need to collect more than 800,000 additional signatures across Europe by 9 October. This objective may seem ambitious, even out of reach for some, but it is entirely achievable if we succeed in mobilising public opinion — all those who are calling for greater fiscal, social and climate justice.

From the first to the last day of this initiative, we have sought and will continue to build the broadest possible coalition of politicians, trade unions, NGOs, and civil society members. Only together can we turn this initiative into a significant popular and civic victory.

Raphaël Glucksmann (French MEP), Aurore Lalucq, and Paul Magnette canvassing door-to-door in Charleroi, Belgium, to promote the European citizens' initiative.

Ready to take action? Start by signing the European Citizens' Initiative, then invite your friends and family to do the same and share it on your social networks or through any other means at your disposal!

Let's seize this opportunity to demand greater social and climate justice in Europe! Let’s make wealth tax a reality!

Sign the initiative here: https://eci.ec.europa.eu/038/public/?lg=en

Learn more about the initiative here: https://www.tax-the-rich.eu