G20 Agrees on Landmark Global Tax for Billionaires

Brazil's leadership at the G20 summit leads to a historic agreement to tax the ultra-rich, aiming to address global inequality and climate challenges.

• Brazil's President Luiz Inácio Lula da Silva championed the initiative to tax billionaires, gaining support from all G20 countries.
• The proposed minimum tax rate on billionaires could generate up to $250 billion in global tax revenues, according to economist Gabriel Zucman.
• The G20's final declaration emphasized cooperation on tax practices but stopped short of immediate implementation measures.
• Activists and NGOs like Oxfam hailed the decision as a step toward reducing inequality and funding climate and poverty initiatives.
• The agreement's future is uncertain with upcoming political shifts, including Donald Trump's presidency, which may oppose increased taxation.

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rabble.ca Australian Broadcasting Corporation