{"id":106,"date":"2024-06-25T21:52:42","date_gmt":"2024-06-25T21:52:42","guid":{"rendered":"https:\/\/ainews.prativad.com\/index.php\/brazil-backed-g20-report-calls-for-global-wealth-based-income-tax\/"},"modified":"2024-06-26T03:09:57","modified_gmt":"2024-06-26T03:09:57","slug":"brazil-backed-g20-report-calls-for-global-wealth-based-income-tax","status":"publish","type":"post","link":"https:\/\/ainews.prativad.com\/index.php\/brazil-backed-g20-report-calls-for-global-wealth-based-income-tax\/","title":{"rendered":"G20 study endorsed by Brazil advocates for a worldwide income tax based on wealth"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div>\n<p class=\"wp-block-paragraph\">In a recent report, which it commissioned for its current presidency of the top 20 affluent and developing countries, Brazil suggests imposing a global tax on the ultra-rich.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Individuals with more than $1 billion in total assets would be required to pay the equivalent of 2% of their wealth in income tax, according to the proposal in the report by Gabriel Zucman, a French economist who teaches at the Paris School of Economics.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The report says global billionaires currently pay the equivalent of 0.3% of their wealth in taxes. It said a 2% tax would raise $200 billion to $250 billion per year globally from about 3,000 individuals \u2014 money that could fund public services such as education and healthcare as well as the fight against climate change.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;The super-rich pay proportionately less in taxes than other socioeconomic groups,&#8221; Zucman told journalists, adding that the practice fuels inequality. He called a progressive tax system a &#8220;key pillar of our democratic societies,&#8221; essential for strengthening social cohesion and trust in governments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In wealth, billionaires currently own the equivalent of 13% of the world\u2019s GDP, up from 3% in 1987, according to the new report.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The proposed tax would target billionaires who do not already pay the equivalent of 2% of their wealth in income tax, the report said. Most global billionaires probably pay below 2% but it is difficult to be more precise, Zucman said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">New G20 member the African Union has expressed interest in the proposal, as well as Belgium, Colombia, France and Spain, he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The issue of inequality is a priority for Brazil in its G20 presidency, along with the reduction of hunger, the promotion of sustainable development and reforms of global governance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A global minimum tax on billionaires is one way of raising funds to make progress on those agendas, Felipe Antunes de Oliveira with Brazil\u2019s Finance Ministry told journalists.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He acknowledged that the way ahead would be far from smooth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We can expect the negotiations to be long,&#8221; Oliveira said, echoing similar remarks by Finance Minister Fernando Haddad in February when the proposal was first discussed in S\u00e3o Paulo.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The gap between the super-rich and the bulk of the global population has grown since the coronavirus pandemic, according to anti-poverty organization Oxfam International, which praised the new report.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;This is a sensible and serious proposal that is in every government\u2019s strategic economic interest,&#8221; interim executive director Amitabh Behar said in a statement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to a 2023 study by advocacy group Tax Justice Network, countries around the world could lose up to $4.8 trillion in tax revenue over the next decade due to the use of tax havens by individuals and businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent report, which it commissioned for its current presidency of the top 20 affluent and developing countries, Brazil suggests imposing a global tax on&hellip;<\/p>\n","protected":false},"author":1,"featured_media":107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[5,6],"tags":[34,35,33,36],"class_list":["post-106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","category-world-news","tag-brazil","tag-g20-presidency","tag-global-tax","tag-wealth"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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