Finance ministers of the Group of 20 in Brazil discuss tax on super-rich

Brazil's President Luiz Inacio Lula da Silva waves during the opening event of the Global Alliance Against Hunger and Poverty meeting, on the sidelines of the G20 Ministerial Meetings in Rio de Janeiro, Wednesday, July 24, 2024. – Finance ministers from leading rich and developing nations gathered in Rio de Janeiro on Thursday for a two-day meeting to discuss a global tax on the super-rich, a top priority for Brazil, which holds the presidency.

An agreement on a global tax on billionaires is necessary to diminish the attractiveness of tax havens, said economist Bruno Carazza, a professor at the Dom Cabral Foundation, a business school. The richest 1% have amassed $42 trillion in new wealth over the past decade, nearly 36 times more than the entire bottom 50% of the world’s population, according to an Oxfam analysis released Thursday ahead of the finance ministers’ meeting.“At the top of the pyramid, tax systems stop being progressive and become regressive. The super-rich pay proportionally much less tax than the working class,” Lula said.

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