Ministers of Germany, Brazil, South Africa and Spain: why we need a global tax on billionaires

An aerial photo shows residents of Akwidaa fishing village in Ghana erecting a makeshift sea defence after floods swept away parts of their community. Akwidaa is frequently flooded by the rising sea level.An aerial photo shows residents of Akwidaa fishing village in Ghana erecting a makeshift sea defence after floods swept away parts of their community. Akwidaa is frequently flooded by the rising sea level.

The multidimensional character of inequality is undeniable. Basic services such as healthcare and education are not equally available to all. Often, this inequality of opportunity is handed down from generation to generation. Social origins, gender, race or where people live are some of the factors that play a role in reproducing inequalities. Furthermore, high inequality harms economic development because it inhibits innovation and prevents people from developing their full potential.

It is against this background that Brazil has made the fight against hunger, poverty and inequality a priority of its G20 presidency, a priority that German development policy also pursues and that Spain has ambitiously addressed domestically and globally.

The argument behind such tax is straightforward: we need to enhance the ability of our tax systems to fulfil the principle of fairness, such that contributions are in line with the capacity to pay. Persisting loopholes in the system imply that high-net-worth individuals can minimise their income taxes. Global billionaires pay only the equivalent of up to 0.5% of their wealth in personal income tax.

Source: News Formal (newsformal.com)

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