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Former leaders ask G20 to tax billionaires

Brasilia. Former presidents and prime ministers have despatched a letter to the present leaders of the world’s 20 largest economies (G20) urging them to help a worldwide tax on billionaires, calling it a uncommon political alternative.

The transfer comes because the Brazilian G20 presidency, which launched the proposal in February, is making an attempt to drum up help for a declaration on the group’s assembly of finance ministers and central financial institution governors later this month in Rio de Janeiro.

Signed by 19 members of the Membership of Madrid, a discussion board of former leaders with greater than 100 contributors, the letter praises US President Joe Biden’s earnings tax proposal for billionaires however requires joint cooperation to fight tax evasion by the richest.

“A world settlement to tax the super-rich could be a shot within the arm for multilateralism – exhibiting that international locations can come collectively for the widespread good,” the letter stated.

Signatories from throughout the political spectrum embrace Chile’s Michelle Bachelet, Sweden’s Stefan Lofven, Spain’s Felipe González and José Luis Rodríguez Zapatero, France’s Dominique de Villepin, Canada’s Kim Campbell, Australia’s Julia Gillard and South Korea’s Han Seung-soo.

Brazil’s proposal, drawn up by French economist Gabriel Zucman of the European Union’s unbiased Fiscal Observatory, envisages an annual tax of two% on fortunes exceeding $1 billion, which may elevate as much as $250 billion a yr from some 3,000 people.

Though the communiqué from the final G7 assembly in June acknowledged that the group would proceed to work with the Brazilian G20 presidency to reinforce worldwide cooperation and enhance efforts in direction of progressive and equitable private taxation, some international locations have already raised objections.

In Might, German Finance Minister Christian Lindner stated his nation was very skeptical of latest parts of a worldwide fiscal agenda, whereas U.S. Treasury Secretary Janet Yellen stated the US couldn’t help negotiations involving the redistribution of revenues between international locations.

France, Spain, Colombia, Belgium, the African Union and South Africa, which is able to assume the G20 presidency subsequent yr, have already supported the initiative.


#leaders #G20 #tax #billionaires
– 2024-07-19 13:41:30

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