G20 Discusses Global Minimum Tax on Billionaires

The proposal aims to address tax evasion and ensure the super-rich contribute their fair share.

Finance officials from the G20 countries began discussions on implementing a global minimum tax on billionaires at a summit in São Paulo, Brazil.
The proposal aims to address the significantly lower effective tax rates paid by the super-rich compared to average workers, with billionaires often paying 0%-0.5% of their wealth in taxes.
The EU Tax Observatory suggests a minimum global 2% tax on billionaires' net wealth could generate $250 billion per year, aiding in global challenges like transitioning to cleaner energy sources.
Implementing a global tax on billionaires faces challenges due to the complexity of international tax systems and the mobility of the super-rich.
Brazil's finance minister, Fernando Haddad, emphasized the need for international cooperation to tackle tax evasion and contribute to sustainable development.