Brazil recently revealed a study proposing an international standard for taxing billionaires, commissioned as part of its G20 presidency. This aligns with the country’s aim to tax the super-rich, as indicated by Finance Minister Fernando Haddad earlier this year.
The proposed tax would require individuals with over USD 1 billion in wealth to pay a 2 percent annual tax. Economist Gabriel Zucman, one of the authors of the proposal, believes this approach is crucial as wealth is harder to manipulate than income for ultra-high-net-worth individuals.
An earlier report by the EU-funded Tax Observatory suggested a similar 2 percent levy on billionaires’ wealth, estimating it could raise USD 214 billion annually. Zucman’s updated calculations project that the tax could generate USD 200-250 billion each year from around 3,000 taxpayers globally.
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