Denmark's Wealth Tax: Frederiksen's Gamble

0:00What's up? I'm Cory with the story, and these are your global headlines. Danish Prime Minister Met Frederiksen is campaigning on a new wealth tax ahead of the March 24th election. The plan calls for a 0.5% levy on fortunes above 25 million Danish crowns, or about $3.86 million. It would affect just 20,000 people, one in every 300 residents, and raise around $1 billion for school reforms, like smaller class sizes. This move signals a shift for her social democratic party, which has lost some left-wing support after partnering with center-right groups on strict. Asylum policies. Meanwhile, similar ideas are popping up across Europe, from France to Britain, as leaders address growing anger over inequality. Public pain is split right down the middle according to recent polls, with stronger backing from left-leaning voters. Business leaders, including top executives at Merisk and Lego, strongly oppose it. They argue it could push job

1:00creating entrepreneurs overseas and slow economic growth. Denmark dropped its old wealth tax in 1997, and voted against a new one in 2022. Yet inequality has worsened, with the top 1% now holding nearly 30% of the nation's wealth, and the top 10% owning over half of household assets. Norway's long-standing wealth tax offers mixed lessons, some wealthy residents have left, but revenue has steadily climbed to a solid share of the economy. Fresh surveys show Frederiksen, and her allies gaining ground, possibly enough for a majority win. This story is made possible by our sponsor. It looks like a pillow. It sounds like headphones, built for comfort and sound, S-O-L-I, solely pillow.com.