Brazil's G20 presidency proposes a global 2% wealth tax on billionaires, generating $200-$250B annually.
Brazil's G20 presidency has commissioned a report proposing a global, wealth-based income tax on individuals with over $1 billion in assets, suggesting they pay 2% of their wealth in income tax. French economist Gabriel Zucman's report estimates this could generate $200-$250 billion annually from around 3,000 people, funding public services like education and healthcare, as well as climate change initiatives. The current global tax rate for billionaires is 0.3% of their wealth.
June 25, 2024
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