Luiz Inácio Lula da Silva, the radical leftist President of Brazil currently hosting the G20 summit in Rio de Janeiro, will tell attendees Monday the time has come for a global taxation impost on ultra wealthy individuals.
At a July meeting of G20 finance ministers in Rio, the world’s wealthiest nations agreed to start a “dialogue on fair and progressive taxation, including of ultra-high-net-worth individuals,” despite fierce resistance from the United States and Germany.
Now Lula says the time has come for action as he hopes to move the wealth tax plan forward as the money raised from billionaires will help boost other pressing global issues, Deutsche Welle reports.
The German outlet explains how the impost would work:
Devised by French economist Gabriel Zucman, the plan would introduce an annual tax of 2% on the total net worth of extremely wealthy individuals…
