This story was originally published by the Guardian and is reproduced here as part of the Climate Desk collaboration. The world’s 3,000 billionaires should pay a minimum 2 percent tax on their fast-growing wealth to raise about $313 billion 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 percent 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.
Comment on G20 Ministers Get Behind a Global Wealth Tax on Billionaires
Larry Elliott, Mother Jones
Fri, 04/26/2024 - 3:00am
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