France has expressed its support for implementing an international tax that would affect the wealthiest households, following previous agreements reached on taxing digital giants and multinationals. Brazilian Finance Minister Fernando Haddad, who chairs this year’s G20, emphasized the importance of improved international cooperation to prevent the rich from evading tax systems during a press conference at the IMF and World Bank meetings.
There is now a global consensus on the need to ensure that billionaires pay their fair share in taxes. Haddad called for greater transparency and information exchange between countries to address increasing inequalities and the risk of not achieving sustainable development goals. 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.
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 the G20 presidency, the French government, and many European countries. 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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