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World’s billionaires should pay minimum 2% wealth tax, say G20 ministers

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: G20 finance ministers from Brazil, Germany, South Africa, and Spain have proposed a minimum 2% wealth tax on the world’s 3,000 billionaires to combat poverty, inequality, and climate change
• This tax aims to generate £250bn annually, aligning with the funds needed to address damage from extreme weather events

🔭 The context: The proposal follows increased global awareness and the need for equitable taxation, especially post-pandemic economic shocks and ongoing global crises
• The tax would target billionaires who have seen substantial wealth increases while paying minimal effective taxes

🌍 Why it matters for the planet: The generated funds are expected to support crucial public services and climate crisis interventions, potentially stabilizing global socio-economic disparities and promoting sustainable development

⏭️ What's next: The G20 will further discuss the specifics of this tax proposal in June, with countries like France showing interest and the U.S. not opposing the idea
• This initiative reflects a broader trend toward global cooperation in tax reform, particularly concerning wealth distribution and fairness

💬 One quote: "Billionaires have the lowest effective tax rate of any social group," stated French economist Daniel Zucman.

📈 One stat: Billionaires became $3.3 trillion wealthier, a 34% increase, between 2020 and 2023.

Click for more news covering the latest on environmental sustainability


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