People's bill in the Supreme Court: progressive tax of up to 3.5 per cent on assets above 2 million
As stated in the text of the bill, the rates (from 1% to 3.5%) would be applied on the excess share of assets
by Rome Editorial Staff
The proposal to tax the richest arrives at the Court of Cassation. The popular initiative text concerns wealths over two million euros and was presented this morning in Piazza Cavour by the '1%equo' committee.
Allotments from 1% to 3.5%
It is a popular initiative bill for a progressive annual tax on large assets exceeding two million euro. It envisages, in particular, rates between 1 per cent and 3.5 per cent on the share exceeding the two million threshold, as well as an alignment to the European average of the rates of the inheritance tax.
In detail, the 1% rate is for the share of assets between two and five million. Then, 1.7% on the share between five and eight million, 2.1% between eight and 20 million and 3.5% for the share exceeding 20 million.
The revenue
The estimated revenue is between 26 and 60 billion per year and varies depending on the platea, which for the text is b>between 200,000 and 500,000. As for the revenue from a reform of the inheritance tax, the revenue hypothesis is between 5.5 and 8 billion. Figures to be directed, according to the proposal, to public health, education, housing policies, environmental protection, safety at work, disability and income support, in addition to a quota to reduce the Irpef.
L’iter
"Over the next six months," the committee explained, "we will start collecting the 50,000 signatures needed to submit the proposal, both through an electronic platform and through banquets organised throughout the country. The declared objective is to collect a greater number of signatures to promote a public debate on the issue of social and economic inequalities'.
