Top G20 ministers back 2 percent wealth tax for global billionaires

Top G20 ministers back 2 percent wealth tax for global billionaires

Jessica Corbett, Common Dreams
April 26, 2024 7:18AM ET

https://www.rawstory.com/top-g20-ministers-back-2-percent-wealth-tax-for-global-billionaires/

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Ministers from four major economies on Thursday called for a 2% wealth tax targeting the world's billionaires—who currently only pay up to 0.5% of their wealth in personal income tax—to "invest in public goods such as health, education, the environment, and infrastructure."

Fernando Haddad, Brazil's finance minister; Svenja Schulze, Germany's minister for economic cooperation and development; Enoch Godongwana, South Africa's finance minister; Carlos Cuerpo, Spain's minister of economy, trade, and business; and María Jesús Montero, Spain's first vice president and finance minister, made their case in an opinion piece for The Guardian.

"The argument behind such tax is straightforward: We need to enhance the ability of our tax systems to fulfill the principle of fairness, such that contributions are in line with the capacity to pay," they explained. "Persisting loopholes in the system imply that high-net-worth individuals can minimize their income taxes."

"What the international community managed to do with the global minimum tax on multinational companies, it can do with billionaires."

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