Global minimum tax for billionaires. The US opposes it

2024-05-25 09:02:55Biznes SHKRUAR NGA REDAKSIA VOX

Global minimum tax for billionaires. The US opposes it

A minimum tax on billionaires could gain wider support among the G20 group of the world's largest economies, said French economist Gabriel Zucman of the independent Tax Observatory of the European Union.

Zucman, an architect of the proposal, is preparing a report for G20 finance ministers in July at the request of Brazil, which is chairing this year's meetings. He expressed optimism about the progress of the idea, presented by Brazil just three months ago.

France, Spain, Colombia, Belgium and African countries have expressed support for the idea, along with South Africa, which will take over the G20 presidency next year.

Zucman said studies have shown that a minimum annual tax of 2% on about 3,000 individuals with at least $1 billion in wealth could raise about $250 billion a year. His report to the G20 will include changes including other tax rates, or a broader base of contributors, such as wealth over $100 million.

Zucman suggested a system similar to the global minimum tax on the profits of multinational corporations, allowing governments to impose additional taxes on companies from non-participating countries. With this framework, he said, the policy can be effective even without a certain minimum number of countries adopting it.

US Treasury Secretary Janet Yellen this week rejected the idea of ​​a global deal to tax billionaires and redistribute income.

However, Zucman said he hoped the United States would comply, noting that Yellen had specifically rejected the idea of ​​a global redistribution of wealth, which is not central to his proposal.


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