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World’s billionaires should pay minimum 2% wealth tax, say G20 ministers (www.theguardian.com)

submitted 6 months ago by [email protected] to c/[email protected]

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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.

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[–] [email protected] 0 points 6 months ago

They'll have to sell of their stocks to get that 2% to cash, which has the added benefit of lowering the stock's value. Next year, we'll bump it to 3% to make up the difference. Rinse, repeat.