18 November
Spanish minister calls for global tax on billionaires ahead of G20 summit
Spain’s economy minister urged G20 nations to embrace a global minimum tax on the world's 3,000 billionaires, emphasizing it as a response to growing public demands for wealth redistribution.
Juliette Garside reports for The Guardian.
In short:
- Spain’s Carlos Cuerpo advocated for a 2% tax on billionaire assets, which could generate $250 billion annually to fund climate aid and green investments.
- France, Germany and Brazil support the proposal, with Spain working closely with Brazil ahead discussions at the upcoming Cop30 summit.
- Spain, vulnerable to climate crises, has boosted green investments with EU funding and tightened national wealth tax laws to curb regional loopholes.
Key quote:
“There is this moment where you have to be brave and where you just have to do things that you are convinced are right.”
— Carlos Cuerpo, Spanish economy minister.
Why this matters:
Ultra-wealthy individuals often pay minimal taxes –aorund 0,3% of their net worth– compared to ordinary workers, exacerbating inequality. A coordinated global effort could channel funds to address pressing issues like climate change and economic disparities, especially in vulnerable nations.
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