Brazil, Germany, Spain and South Africa sign motion for fairer tax system to deliver £250bn a year extra to fight poverty and climate crisis

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.

  • @chiliedoggEnglish
    9•8 months ago

    2 percent for those who would dip below a billion.

    Just make a billion dollars a hard limit. Once you achieve that wealth, you aren’t allowed anymore. If it’s because of stock values, then any shares after you hit a billion are distributed among employees (including “contract workers” who they pretend aren’t employees).

    If it’s in cash money anything over a billion goes to the government.

    If it’s in real estate properties are seized and sold at auction according to the land use. For housing, it’s only sold to individual people who will use the property as a sole homestead. For small offices it’s sold to businesses with a single location.

    If it’s art it’s donated to a museum in the art’s place of origin.

    • @DreamlandLividityEnglish
      0•8 months ago

      So what I am hearing: buy shit in a different country than the one you are running, where you can’t tax it. No investment and jobs for your economy.

      Also, how do you determine the value of an ltd? Not all companies have shares and share price.

      • @EurekaStockadeEnglish
        4•8 months ago

        Private companies are valued all the time, typically it’s by calculating a multiple of EBITDA, with some variations for particular industries

        • @DreamlandLividityEnglish
          0•8 months ago

          First of all, the article clearly states Fidelity owns shares, hence it is not fully private. Second of all, you are talking about the assessment of the company that holds the shares. Are you suggesting an honor system where everyone estimates their own wealth?

          • Flying SquidMEnglish
            2•8 months ago

            Private companies can still sell shares. They’re just not publicly traded.

            • @DreamlandLividityEnglish
              0•8 months ago

              Ok, technically you are right although since Fidelity is publicly traded, it is a somewhat special case IMO. That is what I meant by it not being fully private. If it was owned ultimately by an individual, there would be no reason for such disclosure.

              More importantly, this does not change my argument about it being a self reported value.