New report for Brazil’s G20 presidency urges taxing the super-rich

A new report commissioned by Brazil for its G20 presidency proposes a global tax on the super-rich. The plan, created by French economist Gabriel Zucman, suggests a 2% tax on individuals with over $1 billion in assets, potentially raising $200-$250 billion annually. Currently, billionaires pay around 0.3% of their wealth in taxes. This revenue could fund public services and climate initiatives. Zucman argues that the super-rich pay disproportionately less in taxes, exacerbating inequality. The proposal has garnered interest from the African Union, Belgium, Colombia, France, and Spain. Brazil prioritizes addressing inequality, hunger, sustainable development, and global governance reforms through such measures.