A global minimum tax on billionaires raising up to $250bn a year is “technically feasible” and could be successfully enforced even if it was not adopted by every country, according to a report commissioned by the G20.
Gabriel Zucman, an economist and author of the paper, said a co-ordinated minimum tax on the total wealth of the world’s 3,000 billionaires was needed to increase their contributions.
The current effective tax rate of billionaires was equivalent to just 0.3 per cent of their wealth, said the report, which was published on Tuesday. G20 finance ministers meet to discuss the proposals next month.
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