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.

  • @tburkhol
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    English
    48 months ago

    Doesn’t matter if their wealth is illiquid, they can still pay a cash tax on it. Us mere mortals, whose major wealth is a house, pay a wealth tax on it every year. (in fact, considering that most homeowners still have a mortgage, they’re paying wealth tax on more than their actual equity) Most billionaire wealth is stocks, bonds, and real estate which are easily valued

    What you’re describing, paying taxes when a purchaser divests assets, is exactly what we do now: a capital gains tax