EU Wealth Tax Could Raise €67 Billion, Think Tank Says

A 2% tax on high-net worth individuals in the EU could raise €67 billion ($72.8 billion) to go toward defense spending, according to a study by think tank EU Tax Observatory.

The study, published Monday, said the funds could partly close the large spending gap in the EU. A major 2024 report said the EU needs to spend an additional €800 billion to be competitive and to meet its climate goals, as well as €250 billion on defense, according to think tank Bruegel.

• “When faced with conflict or war, European governments have historically funded increases in defense ...