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Welcome to the 47th edition of Newsletter by ​EdGenie​! 

and the first edition of EdGenie's 📜 Sunday Scroll...

Every Sunday I send out actionable tips, tricks and real-world application insights from my 13-year experience coaching students to achieve As and A* in their Economics and Business A Levels.

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How Did Your Mocks Go? 📚

Hey Genies,

I hope you're doing well and taking some time to reflect on your recent end-of-year exams.

I want to know: how did they go? 🤔

(just hit 'reply' to this email and I'll respond personally)

Did it turn out as you expected, or did things not go to plan? 📉📈

If it didn’t go to plan, this could lead to two major issues:

  • Your teachers' perception of your capabilities might be affected. 🧑‍🏫
  • Your predicted grades could take a hit. 📉

So, guess what I'm going to say...

You need to make a change...NOW!!! 🚀

Not after the summer holidays. That’s too late. NOW!!!

Trust me on this one!

Doing the same thing and expecting a different result does not work!

You must switch up your mainframe if you want to be great.

It's what you do from here that matters.

So, the first thing and the only thing right now is to acknowledge what went well and what went wrong. 🧐

  1. Was it your Analysis, Evaluation, timing, exam technique, or did you simply not know the content well enough to answer the exam questions?
  2. Was it a lack of exam practice? Were you unfamiliar with the structure? The type of questions asked? How to apply your knowledge and application to the questions? 📝
  3. Did you not receive the proper guidance and help throughout Year 12, so you weren’t prepared for the exam you faced? 🎓

Just hit reply to this email and let me know how you did and what you think you did well and what went wrong. 📧

And I'll respond to you personally.

That’s all I’m asking you to do right now: develop that self-awareness. 🧠

Next week, after receiving your responses, I will give you my crucial tips on how to improve between now and September, so that after the summer holidays - you can provide that undeniable proof that you are an A or A* student

Best regards,

​International scheme to tax billionaires’ wealth technically feasible, study finds


🌍 Global Billionaire Tax Feasible: An international scheme to tax the world's 3,000 billionaires is technically feasible and could generate up to $250bn annually, according to a new report.
📊 Study by Gabriel Zucman: The study by economist Gabriel Zucman highlights the potential for a global tax on individuals, inspired by recent progress in taxing multinational corporations.
🇧🇷 Commissioned by Brazil: Brazil, currently presiding over the G20, commissioned the report to explore ways to increase taxes on the super-rich.
💬 Public Support Noted: Zucman notes overwhelming public support and parallels the idea to the once "utopian" minimum tax on multinationals, now backed by 130 countries.
📉 Low Tax Rates for Billionaires: Billionaires currently pay an average of 0.3% tax on their wealth, significantly lower than the rates paid by workers.
📈 Wealth Growth: The wealth of the top 0.0001% has grown by 7.1% annually from 1987 to 2024, increasing their share of global wealth from 3% to 14%.
💵 Top-Up Income Tax Proposal: Zucman's proposal suggests a top-up income tax for billionaires, ensuring an annual tax bill worth at least 2% of their wealth.
🤝 Need for International Cooperation: International cooperation is crucial to avoid a "race to the bottom," though the plan could proceed without unanimous global adoption.
🇺🇸 US Opposition: The US opposes a global wealth tax, but Biden's budget proposal aligns with Zucman's plan to tax the super-rich.
📈 Valuation and Enforcement: Valuing billionaires' wealth would be straightforward, as most is held in shares, with enforcement possible through strengthened exit taxes and "tax collector of last resort" rules.
📅 G20 Discussion: The proposal will be discussed at the upcoming G20 finance ministers' meeting in Rio de Janeiro.
🌐 Support from Oxfam and Patriotic Millionaires: Oxfam International and Patriotic Millionaires UK endorse the plan, emphasising the need for fair taxation to combat wealth concentration.
💡 Extended Taxation: Extending the tax to individuals with over $100m in wealth could raise an additional $100bn-$140bn annually.

A Level Economics Questions:

Q: Explain the significance of the international scheme to tax billionaires’ wealth, as proposed by Gabriel Zucman.
A: The significance of the international scheme lies in its potential to generate up to $250bn annually in extra revenue, addressing the low levels of tax currently paid by the super-rich. This scheme aims to reduce wealth inequality, enhance government revenues for public services, and set a precedent for global cooperation in progressive taxation.

Q:Analyse the reasons behind the current low tax rates paid by billionaires, as highlighted in the report.
A: Billionaires currently pay low tax rates due to various factors, including the use of tax havens, complex financial instruments that obscure wealth, and the limited scope of existing tax regulations. The average tax rate of 0.3% on their wealth contrasts sharply with the higher rates paid by workers, reflecting systemic inefficiencies and loopholes in the tax system.

Q:Evaluate the economic implications of the 7.1% annual growth in the wealth of the top 0.0001% of individuals from 1987 to 2024.
A: The 7.1% annual growth in the wealth of the top 0.0001% has significantly increased their share of global wealth from 3% to 14%. This concentration of wealth can lead to economic inequality, reduced social mobility, and potential distortions in political and economic power. Addressing this concentration is essential for promoting a more equitable distribution of resources.

Q: How does Zucman’s proposal to levy a 2% annual tax on billionaires' wealth align with principles of progressive taxation?
A: Zucman’s proposal aligns with progressive taxation principles by ensuring that the wealthiest individuals contribute a fairer share of their wealth in taxes. This top-up income tax aims to redistribute wealth more equitably, reduce economic disparities, and fund public services that benefit society as a whole.

Possible A Level Economics 25 Marker Question

Evaluate whether governments should impose a global wealth tax.

Infographic of the Week

G20 Corporate Tax Rates: A Comparative Overview

In the G20, corporate tax rates vary significantly across member countries, reflecting their diverse economic policies. Argentina and India lead with the highest rates at 35%, although India's rate for foreign entities can exceed 40%. Brazil follows closely with a 34% rate, while Japan, Australia, Germany, and Mexico cluster around 30%. The mid-range includes Canada and South Africa at 27%, and China, France, Türkiye, and the UK at 25%. Italy and South Korea stand at 24%, with Indonesia at 22% and the US at 21%, marking a significant reduction from 35% following the 2018 "Trump Tax" overhaul. Russia and Saudi Arabia round out the list with the lowest rates at 20%. This spectrum showcases the varied fiscal strategies within the G20, impacting global trade and investment dynamics.

Chart of the Week

Trends in Private Consumption Expenditure as a Percentage of GDP in the US, Europe, and Australia

From 2000 to 2022, private consumption expenditure as a percentage of GDP showed varying trends in the United States, Europe, and Australia. The United States maintained a relatively stable percentage, hovering around 67-70%. In contrast, Europe and Australia experienced a decline. Europe's private consumption started near 57% and decreased gradually, dipping below 55% by 2022. Similarly, Australia saw a reduction from around 56% to under 52% during the same period. This data highlights the differences in consumer spending patterns and economic structure among these regions.

Macroeconomic Data

Whenever you're ready there is one way I can help you.

If you or your child are looking to Boost your A level Economics Grades in under 30 days, I'd recommend starting with an all-in-one support network where you get 24/7 access to a SuperTutor:

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A huge thanks for hopping on board EdGenie's Wednesday Wisdoms newsletter! 
I'm Emre, and I've got a big goal - to make A* education accessible to all A-level students.
And it Starts With You!

Emre Aksahin
Chief Learning Officer at Edgenie