Ministers from Brazil, Germany, South Africa, and Spain have proposed a minimum 2% tax on the world’s 3,000 billionaires to generate £250 billion annually.

They argue that this tax would address poverty, inequality, and climate change, particularly in the wake of the pandemic and global conflicts.

Emphasizing the importance of tax policy in promoting equality and funding public goods, the ministers stress the need for a fair contribution from all segments of society.

The proposal, supported by France and under discussion by the G20, aims to counteract billionaires’ low effective tax rates and prevent tax evasion through international cooperation, The Guardian reported.

Economist Gabriel Zucman is refining the plan, highlighting public support despite anticipated opposition from the super-rich.

The ministers advocate for closing tax loopholes and ensuring a global minimum tax on billionaires to foster fairness and stability in the international tax system.

Written by B.C. Begley