Summary
Spain’s economy minister, Carlos Cuerpo, is urging G20 nations to support a global wealth tax on billionaires, targeting a 2% minimum tax on assets to raise $250 billion annually.
Backed by Brazil, France, and Germany, the initiative aims to fund climate action and green investments.
Cuerpo highlighted growing public demand for wealth redistribution, especially as climate crises worsen, like Spain’s recent deadly floods.
The proposal mirrors the global minimum tax on multinationals and seeks international coordination to overcome political resistance from wealthy elites and lobbyists.
This is also a proposed wealth tax not just an income tax, the US would probably do something like tax US citizen ultimate beneficial ownership of assets held which can be traded on US exchanges, so unless someone entirely divests there isn’t a legal tax avoidance strategy apart from the exit tax.
Honestly 2% on billionaires is too low imo. I’m in favor of starting lower and having a progressively increasing marginal wealth tax, like 1% on all assets over $10M, additional 1% on all assets over $100M, etc.