Gabriel Zucman To G20: Coordinated Minimum Tax On World's 3,000 Billionaires Would Raise $250Billion/Year

Press Release, A Global Agreement on Taxing the Ultra-Rich Is Technically Feasible, New G20-Commissioned Report Says:

Countries worldwide should support the adoption of a coordinated, global minimum standard to tax the ultra-rich effectively. Under a baseline scenario, the 3,000 or so individuals with a total wealth exceeding $1 billion would be required to pay a minimum amount of tax, equal to 2% of their wealth every year, which would generate additional global tax revenues up to $250 billion. Extending the minimum tax to individuals with a net worth of over $100 million would add $100-$140 billion a year.

This is the main recommendation in a report ("A Blueprint for a Coordinated Minimum Effective Taxation Standard for Ultra-High-Net-Worth Individuals") presented on Tuesday, 25 June, by Professor Gabriel Zucman in an online press conference. The Brazilian presidency of the G20 commissioned the report to Zucman ahead of the G20 Finance Ministers meeting in Rio de Janeiro on July 25-26. 

Introducing this minimum standard, Zucman explained, would correct a structural failure of contemporary tax systems, in which the 0.0001% wealthiest individuals pay, on average, proportionally less taxes than other socio-economic groups.

"Progressive taxation is a key pillar of democratic societies. A progressive tax system strengthens social cohesion and public trust that governments work for the common good," Zucman said. "To make ultra-high-net-worth individuals pay their fair share of taxes is not just the fair thing to do – it is the smart thing to do if we want to protect our democracies and give governments the resources needed to provide good public services – health, education, social security – and tackle the emergencies of our time – first of all, the climate crisis."

Executive Summary for the Media — Report by Professor Gabriel Zucman

A Blueprint for a Coordinated Minimum Effective Taxation Standard for Ultra-High-Net-Worth Individuals

Financial Times, Minimum Tax on Billionaires Would Raise Up to $250bn a Year, Says Report