Former World Leaders Propose Global Billionaire Tax

Former world leaders, including Michelle Bachelet and Felipe González, have penned open letters urging the G20, led by Brazil's proposal, to implement a global tax on billionaires to address extreme inequality and tax evasion. The suggested 2% annual wealth tax on fortunes exceeding $1 billion, designed by economist Gabriel Zucman, aims to raise up to $250 billion annually from about 3,000 individuals. While the proposal has garnered support from countries like France and Spain, skepticism exists, with Germany and the US expressing concerns over redistributing tax proceeds internationally. The call for international cooperation to combat tax evasion and promote equitable taxation signals a contentious debate on the horizon.