International taxation is becoming an increasingly pressing issue, with Brazilian Finance Minister Fernando Haddad emphasizing the importance of improved international cooperation to prevent the rich from evading tax systems. This sentiment was echoed by French economist Gabriel Zucman, who suggested a 2% annual tax on the wealth of the 3,000 richest individuals. This proposal has gained support from many countries, including the G20 presidency and American President Joe Biden, who has also advocated for taxing billionaires.
The push for fair international taxation aligns with efforts to address global challenges such as climate change. More than $3,000 billion annually is needed to combat the impacts of global warming, according to IMF Managing Director Kristalina Georgieva. The proposed tax on the wealth of the richest individuals could serve as a significant source of revenue to fund investments in the climate transition.
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