G20 to support progressive taxation

30.07.2024 The leaders of the G20 financial organizations meeting in Brazil are preparing a joint statement in support of progressive taxation, but do not support the proposal to introduce a global "tax on billionaires."

The idea was supported by France, Spain, Colombia, Belgium and the African Union, as well as South Africa, which will chair the G20 next year. Nevertheless, tax discussions will focus on the fight against tax evasion and concealment of wealth.

Earlier, there was discussion about levying a property tax of 2% on fortunes over 1 billion US dollars, which will increase the estimated income to 250 billion US dollars per year from 3,000 individuals.


Link to the source: https://www.reuters.com/business/finance/g20-back-progressive-taxation-without-endorsing-billionaire...