Tax the super-rich, says a new report commissioned by Brazil for its G20 presidency
BY ELÉONORE HUGHES
Updated 3:05 PM CDT, June 25, 2024
RIO DE JANEIRO (AP) — A global tax on the super-rich is proposed in a new report that Brazil commissioned for its current presidency of the leading 20 rich and developing nations.
Individuals with more than $1 billion in total assets would be required to pay the equivalent of 2% of their wealth in income tax, according to the proposal in the report by Gabriel Zucman, a French economist who teaches at the Paris School of Economics.
The report says global billionaires currently pay the equivalent of 0.3% of their wealth in taxes. It said a 2% tax would raise $200 billion to $250 billion per year globally from about 3,000 individuals — money that could fund public services such as education and healthcare as well as the fight against climate change.
“The super-rich pay proportionately less in taxes than other socioeconomic groups,” Zucman told journalists, adding that the practice fuels inequality. He called a progressive tax system a “key pillar of our democratic societies,” essential for strengthening social cohesion and trust in governments.
https://apnews.com/article/brazil-taxes-economy-g20-billionaires-inequality-11d77e530ddc42e684a7709c8c44e063