Brazil, Germany, Spain and South Africa sign motion for fairer tax system to deliver £250bn a year extra to fight poverty and climate crisis

The world’s 3,000 billionaires should pay a minimum 2% tax on their fast-growing wealth to raise £250bn a year for the global fight against poverty, inequality and global heating, ministers from four leading economies have suggested.

In a sign of growing international support for a levy on the super-rich, Brazil, Germany, South Africa and Spain say a 2% tax would reduce inequality and raise much-needed public funds after the economic shocks of the pandemic, the climate crisis and military conflicts in Europe and the Middle East.

They are calling for more countries to join their campaign, saying the annual sum raised would be enough to cover the estimated cost of damage caused by all of last year’s extreme weather events.

“It is time that the international community gets serious about tackling inequality and financing global public goods,” the ministers say in a Guardian comment piece.

  • Syntha
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    7 months ago

    Often times those shares can be used as leverage for a loan providing the shareholder with the quality of life of a billionaire without ever paying the taxes on earning the billions.

    How are those loans repaid?

    • danc4498@lemmy.world
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      7 months ago

      Either with a paycheck from the company, or selling shares. They will pay taxes on that small portion of their wealth over the life of the loan.

      But this is a million times better than having to pay taxes on 100% of their wealth before getting to use it like the 99% of us do.