G20 Finance Ministers Commit to Taxing the Ultra-Rich, But Avoid Specifics

The ministers agree to work towards tax fairness, yet the proposal for a 2% global billionaire tax remains unresolved.

The G20 meeting in Rio focused on addressing tax avoidance by billionaires but ended without a concrete agreement.
Brazil's President Lula da Silva had pushed for a 2% minimum tax on billionaires to fund global initiatives like climate change and poverty alleviation.
The final declaration reflects a compromise, acknowledging the need for fair taxation but not committing to specific measures.
The US and Germany opposed a global tax agreement, while France, Spain, and South Africa supported it.
Oxfam's report highlighted that the world's richest 1% have accumulated $42 trillion in wealth over the past decade, intensifying calls for tax reforms.