At the G-20 meeting, Brazil proposed a global tax on the wealthiest
At the G-20 meeting of Economy Ministers and Central Bank Governors, an agenda for the ‘new globalization’ was presented.
In the meeting of Economy Ministers and Central Bank Presidents of the G-20, Brazil proposed the construction of a consensus among the world’s largest economies to create a global minimum tax for the super-rich to contribute to the reduction of inequalities, as part of an initiative on a new globalization.
Under the rotating presidency of the G-20, the initiative was proposed during the opening speech of the meeting in São Paulo by the Minister of Finance, Fernando Haddad, who conveyed President Luiz Inácio Lula da Silva’s vision on the need for the super-rich to increase their coordinated taxation on their assets and inheritance.
“Recognizing the progress made in the last decade, we need to admit that we need to make the world’s billionaires pay their fair share of taxes,” said Haddad as he opened the working sessions.
In this context, he proposed to his G-20 counterparts “a global minimum tax on wealth that could constitute a third pillar for international tax cooperation,” in addition to initiatives already underway at the UN and organizations such as the OECD.
The meeting in the city of São Paulo will define a document today that will contribute to the G-20 summit of heads of state and government to be held in November in Rio de Janeiro.
“It’s time to redefine globalization. We need to create incentives for international capital flows to be directed efficiently towards the best opportunities, no longer defined in terms of immediate profitability, but according to social and environmental criteria,” said Haddad.
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