World’s billionaires should pay minimum 2% wealth tax, say G20 ministers
GuardianApr 19
The Facts
A study commissioned by the government of Brazil has proposed a global tax on the ultra-wealthy, claiming this would be both "technically feasible" and "economically beneficial."
The study, conducted by French economist Gabriel Zucman, says such a levy on the world’s 3K billionaires could rake in up to $250B in revenue annually.
The Spin
Left narrative
The ultrawealthy are exceptionally adept at evading taxes. Earning from investments, and not salaries, lets them reinvest profits and borrow against their assets tax-free. The proposed global minimum tax on billionaires could both tackle growing inequality and ensure fairer tax contributions.
Right narrative
A global wealth tax on billionaires would be counterproductive. It would deplete their savings and discourage investments crucial for economic growth, hindering long-term economic stability. Managing and enforcing such a tax would also strain existing systems.