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Global Minimum Tax For Billionaires Could Raise To $250 Billion Annually

Global Minimum Tax on billionaires could reach to $250 billion annually (Photo: angleseyheritage)

According to the EU Tax Observatory, governments should open a new front in the international clampdown on tax evasion by implementing a new global minimum tax for billionaires, which could reach up to $250 billion annually.

EU Tax Observatory Director Gabriel Zucman (Photo: luxtimes.lu)

$250 Billion Global Minimum Tax Annually For Billionaires

SOURCE– On Monday, the EU Tax Observatory said that governments should implement a new front in the international clampdown on tax evasion by having a new global minimum tax for billionaires. The global minimum tax on billionaires could reach $250 billion a year.

If imposed, the amount of the global minimum tax on billionaires would be equivalent to only 2% of the $13 trillion in wealth owned by billionaires globally.

EU Tax Observatory Director Gabriel Zucman said that this is difficult to justify since it could jeopardize tax systems’ sustainability and societal acceptability.

READ ALSO: How Do Public Servants Suddenly Become Rich? Grant Cordone Questions Sudden Wealth Of Politicians

The Global Minimum Tax On Billionaires Would Deliver A Boost To Revenues

Implementing the global minimum tax on billionaires—the $250 billion global minimum tax annually—would bring a significant boost to revenues, added the EU Tax Observatory.

According to the Financial News Letter, even though a global minimum tax implementation could take years, the EU Tax Observatory cited governments’ accomplishments in effectively abolishing bank secrecy and limiting chances for multinational corporations to move revenues to low-tax jurisdictions.

READ ALSO: After A Cross-Country Run, Athlete Angel Hernandez Of Chisholm Trail High School Passes Away

 

 

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