Four big G20 nations propose to impose 2% tax on 3,000 billionaires worldwide
Representative photo
Ministers from four leading economies have penned anarticle,suggesting levying a minimum two per cent tax on the world’s 3,000 billionaires to fight poverty and inequality. Brazil, Germany, South Africa and Spain have called on the global community to join their effort to collect enough funds to deal with the economic shocks of the pandemic and the climate crisis.
“It is time that the international community gets serious about tackling inequality and financing global public goods,” the ministers said in an article.
“One of the key instruments that governments have for promoting more equality is tax policy. Not only does it have the potential to increase the fiscal space governments have to invest in social protection, education and climate protection. Designed in a progressive way, it also ensures that everyone in society contributes to the common good in line with their ability to pay. A fair share contribution enhances social welfare,” they write.
Brazil spearheading theinitiative
Brazil, who is chairing the Group of 20 (G20) bloc this year, is leading the effort to put a billionaire tax agenda on the meeting of G20 ministers slated tobe heldin June.
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The details of the agenda are being shaped by the Frencheconomist,Daniel Zucman.
Which nations have supported the plan?
Apart from the four nations, France has tendered support to the initiative.Apart from that, Brazil is encouraged by the fact that USA’s Biden administration has not opposed the plan.It remains tobe seenwhether the Donald Trump administrationif he getselected, would change the course in favour of billionaires.
According to Zucman, “Billionaires have the lowest effective tax rate of any social group. Having people with the highest ability to pay tax paying the least – I don’t think anybody supports that.”
The rising wealth of billionaires
Studies have shown thatthe wealth of billionaireshas grown manifold over the last years as the world endured massive economic shocks of the pandemic and climate change.
According to Oxfam, the billionaires became 34 per cent wealthier after the Covid pandemic ($3.3 trillion richer). On the other hand, a report by the World Bank showed the pandemic has halted the reduction in poverty worldwide.
(With inputs from agencies)