The ongoing tax debates in France and the upcoming discussions at the 2024 G20 summit highlight the persistent issue of tax justice and the taxation of billionaires, fueled by the staggering wealth accumulated by the world’s richest individuals in recent decades. In France alone, the combined wealth of the 500 largest fortunes has skyrocketed by €1 trillion since 2010, reaching €1.2 trillion. Implementing a one-time tax of 10% on this increase would generate €100 billion, equivalent to the government’s planned budget cuts for three years. A slightly higher tax rate of 20% could bring in €200 billion, paving the way for additional spending.
Despite the potential benefits of such a tax policy, some skeptics argue against its feasibility. They claim that billionaires could easily evade the tax by relocating to tax-friendly jurisdictions. However, this defeatist attitude overlooks the power of governments to regulate capital movement and enforce taxation. It also underscores a troubling trend of forsaking sovereignty when dealing with the wealthy, emphasizing the need for political leaders to assert authority over all segments of society.