G20 leaders urged to back global tax on billionaires |
Former presidents and prime ministers have sent an open letter to current leaders of the world's 20 largest economies urging support for a global tax on billionaires. The letter, signed by 19 Club de Madrid members, praised US President Joe Biden's billionaire income tax proposal and called for joint co-operation to combat tax evasion by the wealthiest. Signatories wrote: "A global deal to tax the ultra-rich would be a shot in the arm for multilateralism: proving that governments can come together for the common good." The proposal, crafted by French economist Gabriel Zucman from the independent EU Tax Observatory, calls for an annual 2% levy on fortunes exceeding $1bn. This, the report calculates, could raise up to $250bn annually from about 3,000 individuals. While some nations have raised objections, France, Spain, Colombia, Belgium, the African Union, and South Africa have already supported the initiative. |
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