Taxation of the rich already exists in OECD countries: Interest rates that are lower than growth rates

The solvency of governments (and also of borrowing companies and household s ) is currently ensured in all OECD countries by the fact that long-term interest rates are lower than the growth rate, which reduces debt ratios. This is clearly a tax on financial asse t holders (directly or via financial intermediaries), the proceeds of which are paid to borrowing governments and private economic agents. This taxation is very significant for the OECD as a whole: 3.0 percentage points of GDP each year if we merely take into account public debt; 5.4 percentage points of GDP each year if we take into account government, corporate and household debt, and it is definitely a tax on the rich (holders of bond portfolios, shareholders in banks) that ensures the solvency of public and private borrowers .