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French Economist Gabriel Zucman discusses his proposal for a global minimum tax on billionaires, facing challenges with major G20 nations. The idea of a 2% annual wealth tax on individuals with assets over $1 billion is explored.
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- Implementing a 2% annual wealth tax on billionaires can generate $250 billion, combating wealth inequality.
- The proposal for a global minimum tax faces challenges like resistance from powerful nations and capital flight concerns.
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Taxing Billionaires to Address Wealth Inequality
Implementing a global minimum tax on billionaires has been proposed as a solution to tackle the rampant wealth inequality exacerbated by hidden wealth in offshore accounts. With $7 trillion stashed away in tax havens, the world's wealthiest pay a meager 0.3% of their wealth in taxes annually, resulting in a substantial loss of $200 billion in tax revenue each year. The proposal suggests levying a 2% annual wealth tax on billionaires with assets exceeding $1 billion, potentially generating $250 billion annually from a small pool of taxpayers.
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