Brazil's proposal to tax super-rich gains momentum amid G20, next steps in July

PUBLISHED ONWASHINGTON — Brazil's proposal to tax the super-rich globally gained momentum among Group of Twenty members on Wednesday , with France's finance minister and the head of the International Monetary Fund backing a coordinated push to generate new revenue and build a better common future.

His French counterpart Bruno le Maire, who had already expressed support for the Brazilian proposal, told the event that moving to tax the rich was the logical next step for a series of global taxation reforms launched in 2017, including agreement on a global corporate minimum tax. He said the G20 should aim to reach an agreement on taxing the rich by 2027.

She said IMF research showed that ending tax avoidance by corporations could generate an additional US$200 billion a year in revenue, while implementation of a global corporate minimum tax would result in an additional US$150 billion. The IMF also estimated that setting a minimum floor for carbon pricing could boost revenue by US$1.4 trillion a year, she said.

Zucman has proposed that very-high-net-worth individuals — some 3,000 people in the world who have at least US$1 billion in assets — pay at least the equivalent of two per cent of their wealth in income tax each year. That would generate US$250 billion per year — half of the annual revenue projected as necessary for developing countries to address climate change challenges, he said.

"We need to establish new norms where the very wealthy contribute their fair share," he said. "The notion that society has to have a certain minimum level of fairness and equity is truly important for social cohesion and the functioning of democracy."

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