Brazil Proposes Global Tax on Billionaires to Address Inequality

A report suggests a 2% tax on the super-rich could raise up to $250 billion annually, funding key public services and climate initiatives.

The tax targets individuals with over $1 billion in assets, potentially impacting around 3,000 people worldwide.
Gabriel Zucman, the report's author, highlights the disparity where billionaires pay only 0.3% of their wealth in taxes.
Countries like Belgium, Colombia, France, and Spain have shown interest in the proposal, while the US remains opposed.
The plan builds on the success of the global minimum corporate tax, demonstrating technical feasibility.
Critics argue the tax could undermine business growth and economic progress in the long term.