A wealth tax on Kenya’s super-rich and high-income earners has the potential to earn the country up to Sh125 billion in additional revenue, charity organisation Oxfam International says.
Oxfam says in a new report on inequality that a wealth tax of two percent on those with a net worth of $5 million (Sh568 million), three percent on $50 million (Sh5.7 billion) and above, and five percent on $1 billion (Sh113.5 billion) would net the exchequer $900 million (Sh102.2 billion).
This is equivalent to a third of the government’s total healthcare budget.
A more progressive or punitive tax regime that would raise the rate on the $50 million wealth bracket to five percent and levy those holding $1 billion 10 percent would net $1.1 billion (Sh125 billion), the organisation estimates.
A wealth tax on Kenya’s super-rich and high-income earners has the potential to earn the country up to Sh125 billion in additional revenue, charity organisation Oxfam International says.
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