Tax the super-rich, says a new report commissioned by Brazil for its G20 presidency
5 months, 4 weeks ago

Tax the super-rich, says a new report commissioned by Brazil for its G20 presidency

Associated Press  

RIO DE JANEIRO — A global tax on the super-rich is proposed in a new report that Brazil commissioned for its current presidency of the leading 20 rich and developing nations. Individuals with more than $1 billion in total assets would be required to pay the equivalent of 2% of their wealth in income tax, according to the proposal in the report by Gabriel Zucman, a French economist who teaches at the Paris School of Economics. The proposed tax would target billionaires who do not already pay the equivalent of 2% of their wealth in income tax, the report said. A global minimum tax on billionaires is one way of raising funds to make progress on those agendas, Felipe Antunes de Oliveira with Brazil’s Finance Ministry told journalists.

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History of this topic

G20 finance ministers agree to work toward effectively taxing the super-rich
4 months, 3 weeks ago

G20 finance ministers agree to work toward effectively taxing the super-rich

Associated Press  

RIO DE JANEIRO — Finance ministers from leading rich and developing nations agreed Friday to strive toward effectively taxing the super-rich, a joint ministerial declaration said. “With full respect to tax sovereignty, we will seek to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed,” the declaration said after the two-day meeting in Rio de Janeiro. While the final …

G20 finance ministers discuss a global tax on the super-rich
4 months, 4 weeks ago

G20 finance ministers discuss a global tax on the super-rich

Associated Press  

RIO DE JANEIRO — Finance ministers from leading rich and developing nations gathered in Rio de Janeiro on Thursday for a two-day meeting to discuss a global tax on the super-rich, a top priority for Brazil, which holds the presidency. Brazil’s Finance Minister Fernando Haddad told reporters that the final declaration will mention a proposal to tax the super-rich, but …

World's top 1% gained $42 trillion in a decade, taxes at record lows: Oxfam
4 months, 4 weeks ago

World's top 1% gained $42 trillion in a decade, taxes at record lows: Oxfam

Business Standard  

In the last decade, the wealth of the richest one per cent globally surged by a staggering $42 trillion, news agency AFP reported, citing global non-profit organisation Oxfam. High hope from G20 summit in Brazil Under Brazil’s leadership, the G20, representing 80 per cent of the global GDP, is prioritising international cooperation to tax the super-rich. Oxfam described the summit …

Congress asks PM Modi to spell out his position on wealth tax on billionaires
5 months, 1 week ago

Congress asks PM Modi to spell out his position on wealth tax on billionaires

The Hindu  

The Congress on July 12 asked Prime Minister Narendra Modi to spell out his position on imposing a 2% wealth tax on billionaires, ahead of the meeting of G-20 Finance Ministers in Brazil’s Rio de Janeiro later this month. पूरी दुनिया में इस बात को लेकर सहमति बन रही है कि अरबपतियों को अपने करों का उचित हिस्सा अवश्य चुकाना …

Can the uber-rich worldwide be taxed better? | Explained
5 months, 2 weeks ago

Can the uber-rich worldwide be taxed better? | Explained

The Hindu  

The story so far: French economist Gabriel Zucman has in a recent report commissioned by Brazil’s G-20 presidency recommended an annual 2% tax on individuals holding wealth exceeding $1 billion a suggestion intended to serve as the starting point for a global discussion on ensuring under-taxed billionaires are made to contribute more to reduce inequality worldwide. Mr. Zucman, an economist …

Global wealth tax on ultra-rich ‘would raise up to $250bn a year’
5 months, 4 weeks ago

Global wealth tax on ultra-rich ‘would raise up to $250bn a year’

The Telegraph  

Mr Zucman, whose PhD supervisor was Thomas Piketty, the Left-wing “rock star” economist, said: “There is now clear evidence that contemporary tax systems, instead of being progressive, do not effectively tax the wealthiest individuals. “Ultra-high-net-worth individuals tend to pay less in tax relative to their income than other social groups, regardless of the specific tax design choices and enforcement practices …

World's richest have never been so wealthy: Study
6 months, 2 weeks ago

World's richest have never been so wealthy: Study

Deccan Chronicle  

Paris: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday. The number of "high net worth individuals" -- defined as people with liquid assets of at least $1 million -- rose by 5.1 percent last year to 22.8 million, …

Brazil’s finance minister proposes global tax on the super-rich at G20 meeting in Sao Paulo
9 months, 3 weeks ago

Brazil’s finance minister proposes global tax on the super-rich at G20 meeting in Sao Paulo

New Indian Express  

RIO DE JANEIRO: Brazil’s finance minister told his peers Thursday at a G20 meeting in Sao Paulo that countries should implement a global tax on the super-rich in an effort to tackle rampant tax evasion. Fernando Haddad said tax evasion can be resolved through international cooperation so that “these few individuals make their contribution to our societies and to the …

Brazil’s finance minister proposes global tax on the super-rich at G20 meeting in Sao Paulo
9 months, 3 weeks ago

Brazil’s finance minister proposes global tax on the super-rich at G20 meeting in Sao Paulo

Associated Press  

RIO DE JANEIRO — Brazil’s finance minister told his peers Thursday at a G20 meeting in Sao Paulo that countries should implement a global tax on the super-rich in an effort to tackle rampant tax evasion. Fernando Haddad said tax evasion can be resolved through international cooperation so that “these few individuals make their contribution to our societies and to …

Billionaires Today $3.3 Billion Richer Than They Were in 2020, Richest Five Men Doubled Fortune
11 months, 1 week ago

Billionaires Today $3.3 Billion Richer Than They Were in 2020, Richest Five Men Doubled Fortune

News 18  

The world’s wealthiest five men have more than doubled their fortune since 2020, the charity Oxfam said on Monday, as it called on nations to resist the ultra-rich’s influence over tax policy. A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week, said their wealth rose from $405 billion in …

EXPLAINER: How would billionaire income tax work?
2 years, 8 months ago

EXPLAINER: How would billionaire income tax work?

Associated Press  

WASHINGTON — A “Billionaire Minimum Income Tax” is included in President Joe Biden’s fiscal year 2023 budget proposal — part of the administration’s effort to reduce the federal deficit over the next decade and fund new spending. The budget proposes that households worth more than $100 million pay at least 20% in taxes on both income and “unrealized gains”— the …

Tax on America’s wealthiest households could erase half of country’s out-of-pocket health costs, report finds
2 years, 11 months ago

Tax on America’s wealthiest households could erase half of country’s out-of-pocket health costs, report finds

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. An annual wealth tax applied to the world’s …

Taxing extreme wealth could lift 2.3 billion people out of poverty
2 years, 11 months ago

Taxing extreme wealth could lift 2.3 billion people out of poverty

CNN  

Editor’s Note: Chuck Collins directs the Program on Inequality and co-edits Inequality.org at the Institute for Policy Studies. As inequalities in income, wealth and access to health care have accelerated, the world’s most economically precarious people have suffered far more than their fair share of death and economic loss. According to a new report published by Fight Inequality Alliance, the …

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