Wealth taxes on the increase amid cost-of-living crisis Analysis by the Organisation for Economic Co-operation and Development (OECD) has flagged a “notable” rise in countries increasing wealth and property taxes. Spain has imposed a temporary “solidarity tax” on residents worth more than €3m, while Norway has increased its higher rate for those worth between £130,000 and £1.5m from 0.95% to 1%. Many governments have also introduced property tax reforms, raising top property tax rates or targeting individuals who use property as an investment vehicle. The report comes the week after a group of nearly 300 millionaires wrote to the G20 calling for a tax on the super-rich, saying: “Decades of falling taxes on the richest, based on the false promise that the wealth at the top would somehow benefit us all, has contributed to the rise in extreme inequality.” Meanwhile, TUC general secretary Paul Nowak, argues that there must be a “national conversation about taxing wealth,” with TUC analysis showing that a tax on the richest 0.3% of the population could deliver £10.4bn for Treasury coffers.