Under a new initiative, more than 3,000 of the world's billionaires will be taxed at a minimum of 2% on their rapidly growing wealth. These measures, proposed by the authorities of Brazil, Germany, South Africa and Spain, aim to raise up to £250 billion ($312 billion) annually for the global fight against poverty, inequality and climate change.
Ministers from these countries, noting the growing international support, express their belief that such a tax will help reduce inequality and provide public funds, especially after the economic challenges caused by the pandemic, climate crisis and military conflicts.
The initiators call on other countries to join their campaign. Brazil has already put the issue on the agenda of the G20 finance ministers' meeting this year. French economist Gabriel Zucman, who is developing the plan, notes that France and Brazil support a wealth tax, while the US, while not supporting it, is not opposed.
The report, signed by ministers from Germany, Spain, Brazil and South Africa, argues that a tax on the super-rich is an important element of financing the fight against poverty, complementing other initiatives such as taxing the digital economy and introducing a minimum corporate tax.
Zukman predicts "fierce resistance" from billionaires, but stresses the need for this move to fight inequality and ensure social progress.
