Brazilian Finance Minister Fernando Haddad, who chairs this year’s G20, has emphasized the importance of improved international cooperation to prevent the rich from evading tax systems. He made this call during a press conference at the IMF and World Bank meetings. The issue of taxing the rich has been a key focus of Brazil’s G20 presidency, particularly in light of the global social and environmental crisis.
There is now a global consensus on the need to ensure that billionaires pay their fair share in taxes. French economist Gabriel Zucman suggested a 2% annual tax on the wealth of the 3,000 richest individuals, which could generate nearly $250 billion in revenue. This proposal has gained support from many countries including France, Germany, and Italy. American President Joe Biden has also advocated for taxing billionaires as a means of generating additional revenue.
The push for fair international taxation aligns with efforts to address global challenges such as climate change. More than $3,000 billion annually is needed to combat the impacts of global warming, according to IMF Managing Director Kristalina Georgieva. The proposed tax on the wealth of the richest individuals could serve as a significant source of revenue to fund investments in the climate transition.
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