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Jun 28, 2024
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Global agreement on taxing ultra-rich is technically feasible, states G20-commissioned report
In a landmark report unveiled recently Professor Gabriel Zucman has called for the adoption of a coordinated global minimum tax standard targeting the ultra-rich. This initiative aims to impose a 2% annual tax on the wealth of the world's 3,000 billionaires, potentially generating an additional $250 billion in global tax revenues. Extending this tax to individuals with a net worth of over $100 million could add between $100 billion and $140 billion annually.
The report, titled ‘A Blueprint for a Coordinated Minimum Effective Taxation Standard for Ultra-High-Net-Worth Individuals’, was commissioned by the Brazilian presidency of the G20 in preparation for the G20 Finance Ministers meeting in Rio de Janeiro which is currently ongoing.
"The structural failure of contemporary tax systems has resulted in the wealthiest 0.0001% paying proportionally less in taxes than other socio-economic groups," Zucman stated. "Progressive taxation is essential for democratic societies, promoting social cohesion and public trust in government efforts for the common good. Ensuring that the ultra-rich pay their fair share is not just fair—it’s essential for protecting our democracies and funding critical public services."
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