G20 Finance Ministers Agree on Wealth Tax Cooperation

G20 finance ministers have agreed to cooperate on ensuring the ultra-wealthy pay their fair share of taxes, though they stopped short of a global tax deal. Brazil, currently holding the G20 presidency, has proposed a 2% minimum tax on billionaires, a proposal supported by countries like France, Spain, and South Africa but opposed by the United States and Germany. Oxfam reports that the richest 1% have accumulated $42 trillion in new wealth over the past decade, exacerbating global inequality. Despite this, the ultra-rich are currently taxed at historically low rates, contributing to widening economic disparities. The agreement marks a significant step forward, but further negotiations are needed to finalize a comprehensive global tax policy on the super-rich. The upcoming G20 summit in November will continue to address these issues, alongside broader economic governance reforms.