World’s billionaires should pay minimum 2% wealth tax, say G20 ministers
Brazil, Germany, Spain and South Africa sign motion for fairer tax system to deliver £250bn a year extra to fight poverty and climate crisis
The world’s 3,000 billionaires should pay a minimum 2% tax on their fast-growing wealth to raise £250bn a year for the global fight against poverty, inequality and global heating, ministers from four leading economies have suggested.
In a sign of growing international support for a levy on the super-rich, Brazil, Germany, South Africa and Spain say a 2% tax would reduce inequality and raise much-needed public funds after the economic shocks of the pandemic, the climate crisis and military conflicts in Europe and the Middle East.
They are calling for more countries to join their campaign, saying the annual sum raised would be enough to cover the estimated cost of damage caused by all of last year’s extreme weather events.
“It is time that the international community gets serious about tackling inequality and financing global public goods,” the ministers say in a Guardian comment piece.
When you see a bunch of comments suggesting ideas that make it obvious the commenters don't hold any grasp on economics or finance whatsoever.
Here is a conspiracy theory for you. This bullshit is pushed by the people not wanting meaningful reform. Just like oil companies try to distract with Carbon capture.
"We need this simple reform." "No, we need Communist revolution! Eat the rich!”
Most of it is populist catchphrases without any thought behind it.
Or even how to levy taxes?
There's a reason billionaires pay the least tax - because it's legit hard to do.
It's not as though no one has thought of a wealth tax before. It's that no one has been able to figure out how to do it.
Obviously, you can only tax the wealth you can identify and value, and therein lies the problem.