Global Wealth Redistribution: The Push for Fair International Taxation Gains Momentum with Support from G20, France and Europe

In light of agreements reached on the taxation of digital giants and multinationals, France has expressed support for an international tax targeting the wealthiest households. Brazilian Finance Minister Fernando Haddad, who chairs this year’s G20, emphasized the need for improved international cooperation to prevent the wealthy from avoiding taxation systems.

The Brazilian presidency of the G20 under President Luiz Inacio Lula da Silva has made taxing the rich a priority, particularly in light of global social and environmental crises. Economist Gabriel Zucman has proposed a 2% annual tax on the wealth of the 3,000 richest individuals, which could generate approximately $250 billion in revenue.

More than $3,000 billion annually is needed to address global warming challenges as noted by IMF Managing Director Kristalina Georgieva. The push for fair international taxation has gained momentum with support from the G20 presidency, French government, and European countries. This sets the stage for further discussions and actions to ensure a more equitable distribution of wealth.