"The taxation of high net-worth individuals is very important as it could be a source for funding initiatives that fight hunger and poverty, and also tackle climate change," says Tomas Marques.
"The new levy could raise up to $250 billion a year from the nearly 2,800 billionaires globally, who have a combined net worth estimated at some $13.5 trillion," according to estimates.
Gabriel Zucman states that "the top 0.01% of the population pay an effective tax rate of just 0.3% of their wealth," highlighting disparities in tax contributions.
Despite fierce resistance from the United States and within Germany's now collapsed coalition government, the G20 agreed to a dialogue on fair and progressive taxation.
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