A group of 19 former heads of state and government are urging U.S. President Joe Biden and other G-20 leaders to support a new tax proposal aimed at raising up to $250 billion annually by levying a special tax on the 3,000 wealthiest individuals globally.
The signatories, including prominent figures like Dominique de Villepin and Michelle Bachelet, argue that billionaires pay lower tax rates than teachers and cleaners, leading to extreme inequality and social unrest. The proposed tax would require individuals with assets over $1 billion to pay at least 2% of their wealth annually, potentially generating significant revenue for governments worldwide.
The letter emphasizes the need for global coordination on tax matters, citing the success of the recent minimum global corporate tax agreement. Former leaders recognize the challenges of implementing such a tax but urge present leaders to demonstrate global leadership and work towards a new consensus on taxation.
The proposal, spearheaded by economist Gabriel Zucman, has garnered support from multiple countries but requires backing from major economies like the U.S. for full implementation. International cooperation is seen as crucial in addressing tax evasion and ensuring fair taxation policies for the ultra-rich.