Brazil Pushes for Tax on Super-Rich, Aims for G20 Support in July

Brazil’s Proposal to Tax the Super-Rich Gains Momentum at G20 Meetings

Brazil’s Finance Minister Fernando Haddad announced on Wednesday that the proposal to tax the super-rich, presented by Brazil during its presidency of the G20 group, is gaining momentum. Haddad emphasized that in a world marked by geopolitical tensions, this move could garner consensus for building a better common future.

Speaking at the International Monetary Fund and World Bank spring meetings, Haddad highlighted that the G20 would seek international consensus on the taxation of wealth and would discuss a joint declaration at the group’s next meeting in July.

“The G20 declaration that we are going to propose aims to politically back these initiatives,” Haddad stated, emphasizing the importance of having finance ministers from the biggest economies on the same page.

French Finance Minister Bruno le Maire, who had expressed support for the Brazilian proposal, reiterated Paris’s full support for taxing the wealthiest individuals.

IMF chief Kristalina Georgieva urged a focus on closing tax loopholes to ensure a fair and effective taxation system.

Haddad also mentioned that funds raised through this new avenue of taxation could be used to combat hunger and transition to a greener economy. Nobel Prize-winning economist Esther Duflo’s presence at the G20 working dinner was seen as crucial in shaping the report on this matter, which is expected to be ready by the next G20 finance track meeting in July.

Overall, the push for taxing the super-rich at the G20 meetings is seen as a historic opportunity to address global challenges, with estimates suggesting it could generate significant revenue to tackle issues like climate change.