2024-03-01 13:40:18
G20 finance ministers have discussed the possibility of a tax on the super rich. The ambition of Brazil, which commissioned a French economist to work on the subject, is to adopt a common position by July.
The idea of taxing the super rich is not new, but it has never before been discussed at this level at an international summit. This February 29, the Brazilian Minister of Finance called on the countries of G20 has ” find effective solutions to ensure the super rich pay their fair share of taxes ”, and set a timetable, the month of July, to reach a common position.
While the world has never had so many billionaires – almost 2,700 according to the latest count by the economic magazine Forbes – Brasil has made the fight against global inequalities one of its priorities.
To shed light on the debates, the Brazilian presidency of the G20 invited this Thursday, February 29, the French economist Gabriel Zucman, specialist in inequalities and tax havens and supporter of a minimum tax on wealth for the richest.
A global tax for billionaires equal to 2% of their wealth
His work highlights the fact that billionaires pay very little, if any, taxes. “ Global billionaires have effective tax rates equivalent to 0%, 0.5% of their wealth, due to the frequent use of shell companies to avoid income tax », wrote the European Union Tax Observatory which he directs, last fall.
The economist is therefore campaigning for the establishment of a global minimum tax for billionaires equal to 2% of their wealth. According to calculations by its Observatory, such a tax applied to the 3,000 wealthiest individuals on the planet would raise 250 billion dollars (235.5 million euros).
« Let the adventure begin »
If the obstacles to the application of a tax for the super rich remain very numerous – different taxation from one country to another, reluctance from several States – Gabriel Zucman’s team welcomes this invitation to the G20 as a first victory .
« What you need to understand is that this is a first step, explains Quentin Parinello, spokesperson for the European Tax Observatory, present this Thursday in Sao Polo. Discussions will continue for several more months with, we hope, an agreement at the end. This is only the beginning of the adventure. » Gabriel Zucman’s team was commissioned by the Brazilian presidency of the G20 to work on the implementation of such a measure.
Taxing the richest is no longer taboo
But the idea of taxing the richest is no longer taboo. In addition to Brazil, France, through its Minister of the Economy Bruno Le Maire, said it was in favor of this idea: “ We are fully committed to accelerating the process of establishing at the international level, at the OECD level, at the G20 level, and I hope at the level of European countries, a minimum taxation of individuals in order to combat any form of tax optimization for people around the world. »
The emergence of this debate before the G20 forum is also seen as progress for Oxfam. “ Our hope, explains Layla Yakoub, advocacy manager within the NGO, is that these discussions open the way to other international frameworks at the United Nations or the OECD for greater tax justice. »
This year, a first step must be taken with the entry into force in OECD countries of an effective minimum tax rate of 15% for multinationals.
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