International Capital Tax Commission (ICRICT). Chaired by @JosephEStiglitz and @Jayati1609
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Joined February 2015
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ICRICT retweeted
Elon Musk and his fellow billionaires think they can buy our democracy.
They are wrong. Together, we will defeat oligarchy.
ICRICT retweeted
A new poll of CA millionaires found:
- 57% support Prop 40
- 78% agree billionaires have too much influence in state elections
Read this week's Closer Look to learn what CA millionaires *actually* think about taxing their peers in the billionaire class: patrioticmillionaires.org/pe…
ICRICT retweeted
So let met get that straight: paying a wealth tax is impossible (“billionaires have no liquidity”, “it would be taxing unrealized gains”, “their wealth is virtual”) but paying half a billion to influence elections is possible. Did I understand well?
Elon Musk has cemented his record as the largest individual political donor in modern American history.
Musk poured $446 million of his own money into this year’s midterm elections, mostly aimed at preserving the Republican Party’s control of Congress. wapo.st/4igb5Kq
ICRICT retweeted
📈 𝐍𝐞𝐰 𝐩𝐨𝐥𝐢𝐜𝐲 𝐛𝐫𝐢𝐞𝐟 𝐚𝐥𝐞𝐫𝐭📈
🌍 𝐂𝐚𝐧 𝐭𝐚𝐱𝐚𝐭𝐢𝐨𝐧 𝐡𝐞𝐥𝐩 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐚𝐰𝐚𝐲 𝐟𝐫𝐨𝐦 𝐟𝐨𝐬𝐬𝐢𝐥 𝐟𝐮𝐞𝐥𝐬 𝐰𝐡𝐢𝐥𝐞 𝐩𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐧𝐠 𝐩𝐮𝐛𝐥𝐢𝐜 𝐫𝐞𝐯𝐞𝐧𝐮𝐞?
As Nigeria navigates the shift towards a more sustainable future, tax policy can play a critical role in supporting the fossil fuel phase-out while strengthening domestic resource mobilisation.
TJNA’s policy brief, in partnership with Civil Society Legislative Advocacy Centre (CISLAC), Taxation as a Fossil Fuel Phase-Out Strategy: Nigeria, explores how taxation can support this transition and contribute to a more sustainable and equitable economic future.
📖 Read the policy brief: tjna.me/4jttNk7
#TaxJusticeAfrica
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ICRICT retweeted
Mark Zuckerberg’s threat to leave CA if voters approve a 5% billionaire wealth tax was a bluff.
He’s not alone. Since Prop 40 was filed, CA gained 32 billionaires & billionaires in CA got $381 billion richer.
Yes. It’s time for a billionaire wealth tax. It starts in California.
ICRICT retweeted
IMF surcharges help fund the IMF by covering lending, intermediation costs, accumulating financial reserves and managing risk. Austerity in the Global South should not fuel the institutional functioning of @IMFNews.
ICRICT retweeted
Share this post as widely as possible. No matter where you live, this referendum affects you.
Thank you all so much.
To my friends in California: the whole world is watching.
YES on Prop 40. NO on Props 41 and 42.
The forces of democracy will prevail over the forces of oligarchy.
ICRICT retweeted
We have just 12 days left to win a historic victory.
The clock is ticking.
California's billionaires have poured $300 million into a massive disinformation campaign designed to deceive voters and mislead the public.
To counter it, I need your help.
xitter.cf/gabriel_zucman/status/…
ICRICT retweeted
California voters are dismantling, one by one, the excuses billionaires around the world — from @BernardArnault to Jim Ratcliffe to @MartinLorentzon long used to avoid paying taxes.
The arrangement @Meta has just made for Zuckerberg shows, for example, that the supposed issues of “losing control” billionaires constantly invoke is a smokescreen.
RT @TaxJusticeAfric: 𝐓𝐚𝐱 𝐭𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐧𝐞𝐞𝐝𝐬 𝐩𝐨𝐥𝐢𝐭𝐢𝐜𝐚𝐥 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐭𝐨 𝐝𝐞𝐥𝐢𝐯𝐞𝐫 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
At the Africa Tax Administration Forum's Exchange o…
ICRICT retweeted
California voters can make MAGA billionaires who support Donald Trump — like Peter Thiel, the founder of @PalantirTech , and Sergey Brin, the co-founder of @Google — their fair share.
They can show the world that it is possible to stand up to the same tired arguments billionaires always use to avoid taxation: threats to leave, claims that they can’t pay, warnings that innovation will suffer, and so on.
ICRICT retweeted
California's referendum is a major political battle—arguably one of the most consequential issues in this year's U.S. midterm elections.
California voters have the opportunity to spark a much broader movement to end billionaire impunity, both in the United States and around the world.
They can send a powerful message to the billionaires pouring hundreds of millions of dollars into ads designed to manipulate voters and sow confusion:
No. Not everything is for sale.
ICRICT retweeted
In the United States, extreme wealth has reached levels never seen before—not even during the Gilded Age of the late 19th and early 20th centuries.
This is the concentration of wealth we must confront.
Because extreme wealth always comes with extreme power: the power to crush competition, manipulate public debate, shape public policy, and buy elections.
ICRICT retweeted
A one-time 5% wealth tax would merely bring Silicon Valley billionaires' fortunes back to where they stood just a few weeks ago, at the beginning of September.
Back when their wealth was "only" 178% higher than on January 1, 2023.
They would rather see 3 million people lose their health insurance than allow that to happen.
ICRICT retweeted
Since 1982, the wealth of California's billionaire class—the richest 0.0002% — has increased thirtyfold.
Between 2023 and 2025 alone, it surged by 144%.
California's billionaires now hold a combined $2.4 trillion in wealth—equivalent to all the income reported by ALL Californian families on their individual income tax returns.
ICRICT retweeted
To be sure, a handful of billionaires, most notably Sergey Brin and Larry Page, have threatened to leave California.
It’s one of their usual tactics — stoke fears — but it’s highly unlikely they have done so. Why would Brin spend more than $100 million to defeat a tax he wouldn’t have to pay?
And here’s the catch: they pay almost no income tax.
The $20 billion that Zuckerberg and Huang alone would pay in wealth tax represents 160 years of California individual income tax payments of Page and Brin combined!
So even if they leave, the State of California is guaranteed to be immensely better off.
ICRICT retweeted
If Prop 40 passes, Zuckerberg alone would contribute more than $10 billion to health care and education in California.
Add the $10 billion from Jensen Huang—who has said that he would be “perfectly fine” paying the billionaire tax —and we're already at $20 billion in guaranteed revenue.
There is now very little doubt that the tax will raise around $100 billion from California’s roughly 250 billionaires.
ICRICT retweeted
This SEC filing is proof that the campaign for Proposition 40 is working.
Mark Zuckerberg is preparing to pay the wealth tax if California voters decide to approve Prop 40.
Voting is already underway, and it ends in just 12 days.
We are at a turning point. California is closer than ever to enacting the first billionaire wealth tax in history.
This is a historic moment.
ICRICT retweeted
Until now, Mark Zuckerberg has paid very little in taxes relative to the staggering growth of his fortune.
Using Meta's filings with the Securities and Exchange Commission, we can estimate how much Zuckerberg has paid in taxes.
It’s tiny. And Proposition 40 – the California billionaire tax – would change that.
gabriel-zucman.eu/files/BSZ2…
ICRICT retweeted
If Prop 40 is enacted, Zuckerberg will be on the hook for about $10 billion.
@Meta will allow him to sell up to 20% of his new class C shares. Because these shares are non-voting, Zuckerberg will not lose any voting rights. He will keep control of @Meta.
In return, Zuckerberg commits to staying in California for at least 8 more years.
This destroys the argument that somehow billionaires “cannot pay” a wealth tax because they would “lose control” of their companies (which would be bad, according to them).