A new report commissioned by Brazil for its current presidency of the G20 nations proposes a global tax on the super-rich. According to the report, individuals with more than $1 billion in total assets would be required to pay 2% of their wealth in income tax. Currently, global billionaires pay only 0.3% of their wealth in taxes, highlighting a significant disparity in tax contributions.
The proposed 2% tax could potentially generate $200 billion to $250 billion annually from around 3,000 individuals. This substantial revenue could be utilized to fund essential public services like education, healthcare, and initiatives to combat climate change.
