Global Tax on Super-Rich Proposed

SOURCE www.foxnews.com
A global tax on the super-rich is proposed in a new report commissioned by Brazil for the G20 nations. The tax would require individuals with more than $1 billion in total assets to pay 2% of their wealth in income tax, aiming to raise funds for public services, education, healthcare, and climate change initiatives.

Key Points

  • Proposal for a 2% tax on individuals with over $1 billion in assets
  • Aims to raise $200-250 billion annually globally
  • Focus on funding public services, education, healthcare, and climate change efforts

Pros

  • The tax aims to address the disproportionate tax burden on the super-rich.
  • It could generate significant funds for public services and important global initiatives.

Cons

  • Negotiations are expected to be challenging and prolonged.
  • There may be resistance from billionaires and countries with tax havens.