The G20 Takes On International Taxation: Addressing Inequalities and Funding Sustainable Development

The G20 summit, led by Brazilian Finance Minister Fernando Haddad, has put the issue of international taxation on the agenda. The rich are being targeted as a way to address global inequalities and ensure sustainable development goals. 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. This tax is one of several potential sources of funding for investments in climate transition, along with support from French Minister of the Economy and Finance Bruno Le Maire and American President Joe Biden.

The push for fair international taxation has gained momentum with support from various countries including France and European countries. More than $3,000 billion annually is needed to address global warming challenges, as noted by IMF Managing Director Kristalina Georgieva. With this in mind, countries are coming together to discuss and implement measures to ensure a more equitable distribution of wealth.

The Brazilian presidency of the G20 has made taxing the rich a priority, particularly in light of the global social and environmental crises facing the world. According to Haddad, improved international cooperation is crucial to prevent wealthy individuals from avoiding taxation systems and ensuring that all countries have access to the resources they need to achieve their goals.

In conclusion, there is growing support among governments around the world for fair international taxation targeting wealthy households as a way to address global inequalities and fund sustainable development goals. As these discussions continue, it’s important for nations to work together to ensure that everyone has access to the resources they need to thrive.