ALBAWABA – Four countries of the Group of 20 have signed a motion, according to The Guardian, arguing that the 3,000 billionaires worldwide ought to contribute at least 2% of their expanding fortune, generating £250 billion annually, to the global effort to address inequality, hunger, and climate change.
Amidst a G20 finance ministers' conference arranged by the International Monetary Fund (IMF), Brazil, Germany, South Africa, and Spain, agreed that a 2% tax would lessen inequality and provide vital public financial support after the pandemic's economic repercussions, the global climate issue, and the Middle East and European armed conflicts.
Bruno Le Maire, France's finance minister, stated at the IMF conference that his country was also in favour of a tax on billionaires, saying that “the popular demand for this type of taxation is overwhelming,” as Accountancy Daily reports, adding “It’s feasible and we understand how it can be done very quickly.”
Taylor Swift is now a Billionaire, officially joining Jay-Z, Oprah and Rihanna on Forbes’ listFollowing US President Joe Biden's statement that he plans to implement a new "billionaire tax" on the nation's richest individuals if he stays in the white house after the presidential elections in November, calls for a fortune tax on the world's ultra-rich have gained momentum once again CNBC notes.
The leaders stated to The Guardian that “it is time that the international community gets serious about tackling inequality and financing global public goods,” adding that “[a tax policy] designed in a progressive way, it also ensures that everyone in society contributes to the common good in line with their ability to pay. A fair share contribution enhances social welfare.”
